Hang that Tool on the Pegboard using a Length of Cord

I needed to hang one of my tire irons on the garage pegboard and in looking at it I decided I didn't want to drill a hole in it. Instead I tied a length of cord into a loop and then secured the loop of cord to the tire iron to hang it with.

If the cord won't stay on the tool, then the cord can be tied differently. This rig seems to be working, so I'll stick with it for now.