It looks like a counterfeit t me. Just the word ONE is a giveaway. The letters in ONE get smaller as they go from left to right. The rest of the lettering is not as strong as it should be. The 1934 was a well struck coin. The reverse is mushy. I'm attaching a picture of one of Dan Car's Peace dollar reverse but, a real peace dollar would look similar. This should give you an idea as to how it should look. The 34 was a well struck coin so it would look similar.
Send it back and demand a refund. If you don't have it yet and used a charge card cancel the payment. If you did PayPal do the same.
Very nice.i thought I made out.not thinking it was fake but error.once bitten twice shy.i will analyze much further now.thanks