Just like Morgan obverses are famous for peripheral die cracks through stars and letters, this is the "characteristic" Peace dollar crack. They're particularly common in 1922 & 1923 due to the huge mintages pushing dies to the limit, but I bet you could build a full date/MM set with that crack.
If one presumes a die would tend to crack after prolonged use, you might expect that condition to be coupled with a strike that betrays an advanced die state as well; in this case, the crack is certainly there but the strike is actually better than average.
Straying slightly off-topic, I had the opportunity to look at some other Peace dollars today that were certified in the AU range. My gosh, were they unappealing - with the typical "mushy" strike to begin with, just a little abrasion makes for sorry specimens indeed.
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