Looks real to me, what's with the crack up at the top of her head? Is it just the pic? My guess would be if the weight is right and there's some wear on the coin then those are good indications that it's real.
It looks real to me, I have one from the 20's also and I believe thats around the time they didnt use as much silver in it cause it would say on the obverse. It's kinda like the silver clad kennedys.
Here is a 1928 Peru Half Sol, and a 1924 Peru 1 Sol. They have quite different looking patina. The 1928 Half Sol of mine was probably cleaned at one point. The 1928 doesn't have the fineness of silver written on it, the 1924 Sol does. ' 5 decimos fino'. The 1924 Sol also has an incuse writing of 'LIBERTAD' around the column with the wreath on top of it, whereas my 1928, and the 1925 half Sol posted by the Original Poster have a raised 'LIBERTAD'. Alot of these coins were struck in Philadelphia, I forget offhand how to tell the difference... I know that my 1924 Sol was minted in Philadelphia... The Krause Modern World Coins 1901 - 2001 book explains how to tell them apart. And yes mat, these are .500 fine silver. As for the original poster's coin, checking the weight would be a good idea. I don't know about the ding at 11 - 12 o' clock on the one side and 7 o'clock on the other.... could be a where a mount was removed? But to me it just looks like a rim ding, but it's hard to tell with the photos.
Thanks everyone for your replies. I don't currently have a scale, so I guess I'll hold onto it and eventually when I do get a scale I'll weigh it.
Looks like the real McCoy I have several silver Sols and 1/2 Sols that I purchased in Lima, Peru while on a government business trip there back in 1987. Your's looks just like mine, so if the weight checks out, I'd say it's the Real McCoy. :smile