Hey gang! I picked this up yesterday and am just amazed by this piece. There are 2 different strikings of these pieces. There is a large date (which is the original striking) and a small fat date (which are restrikes). This piece is a large date which means that it was struck from the original dies and is most likely an authentic Indian peace medal. Here is a history of the medals. I have never owned an authentic Indian peace medal and this piece may reside in my personal collection.
Wow! Great piece. I've never seen one that looked that good before, even in the Smithsonian. I wonder if it was a test strike or some kind of presentation piece because it looks completely untouched for 160+ years. Guy
It is definitely possible that it was struck for that purpose and not given to a native American. It was however struck with the original dies. These are much more scarce from the restrikes.