I like to store hardware in its original package on a Peg-Board wall in my shop. I've devised some swinging panels for the wall that give me a lot more usable space. To make the panels, you'll need 1/8" Peg-Board, a 3/4" dia. dowel rod, and Peg-Board tool holders.
Make the panels by cutting 12" x 12" pieces from the Peg-Board. For each panel, cut one dowel 2-1/2" long and one 5" long. Cut a 1/8" wide groove in one end of both dowels and slide the dowels onto the panels. Fasten the dowels with screws.
To install a panel, insert the longer dowel in the top tool holder until the bottom dowel slips into the bottom tool holder. The long top dowel must extend through both rings of the tool holder to keep the panel from falling out. Each pair of tool holders holds up to six panels.
I also cut a 1/8" wide slot in a 12" length of 2×4 to use as a base for the panels so I can remove a panel from the tool rack and set it on my workbench.