The date seems off and the spike from the crown on normal Peace dollars goes past the E in Liberty. The reverse seems to be off centered. It's more rounded on the top right. It's real silver I can tell you that, it's passed the ping and magnet test. The weight is off just a hair.
Im pretty sure its fake, looking at it ever more, all the spikes and lettering are off. My question is though, this being a fake, which are illegal to sell. I bought it off eBay so I want my money back defiantly, but do I have to legally send this back to the guy? He is just going to sell it again. Looking at his other auctions, which I should have done to begin with, he sells some shady stuff.
You do know the design for 1921 is high relief and a little different than the years that followed it right? That being said the coin does look off.
Both sides of the 1921 Peace dollar have a different design from the 1922-35 Peace dollars. I see nothing about your coin that makes me think it's fake.
http://www.usacoinbook.com/coins/3303/dollars/peace/1921-P/high-relief/ 1921 P Peace Dollars : High Relief Early Silver Dollars Mintage: 1,006,473 Minted at: Philadelphia Designer - Engraver: Anthony de Francisci Metal Composition: 90% Silver - 10% Copper Diameter: 38.1 mm Mass / Weight: 26.73 grams Your coins weight is close for the wear.
A new one could legally be as low as 26.63 grams. Yours has some circulation which could lower the weight some. It is a lottle below what it should be, but not so much as to make me condemn it on that basis.