Coinbuf

Darker than I would like, but in an ANA ANACS style holder.

All 1921 Peace dollars were struck in high relief, this was not successful as the coins did not strike up well and the dies did not survive or last well.   As a result for all subsequent years of Peace dollar production the relief was lowered.

Why are you trying to compaire a circulation strike to a proof strike?

Welcome to the forum, in the future inquires like this are better posted in the US coin or Newbie sections of the forum, this area is for questions that revolve around the registry.   Plus more forum members are likely to see your posts in those two sections than here.
As I do not see any obvious scraping or filling marks this is Most likely due to a grease filled die.   At times areas of the die will be clogged with grease or other debris which doesn't allow for metal to flow into that spot of the die during the striking of the coin.  It's very common on modern coinage which makes sense given the massive quantities of coins that are struck for circulation today.   This is a bit less common for coinage of the 1800's, but not unheard of.
 

I have reported your post and asked the mods to either move it to the Marketplace or delete it.
You state this in a reply yet still are pushing sales.

His link was to coins that he has for sale on eBay. He was trying pretend that he was asking about the coins, when he was actually trying to get people to look at the coins he had for sale. That is spam.
I don’t know how I messed this post up, but this is what I was quoting:
The gentleman, technically, wasn't selling anything. His Topic was essentially a solicitation for advice: Is this coin a better investment for a Newbie, or that one?  

Spam is what sellers do when they shamelessly post their coins for sale disguised as something else.   And no this entire forum is not like FB or Insta for internet sellers to hawk their coins on every thread.   The marketplace section of the forum is where you can advertise, the rest of this forum is for education and general coin related conversation.

Reported.

100% a bezel, it also looks like the obv rim of the bezel was slightly folded over, perhaps to better retain the coin or maybe just from use as a pendant.   The coin itself has no significant collector value in that condition, worth roughly $28-$30 for the silver, the bezel itself might also be silver.   Rather than damage the coin or the bezel it would be best to leave it as is.   Welcome to the forum.

You could always start your own grading service and offer this service.

Grading is already highly subjective, TPG's do not (and should not) want to open themselves up to that kind of problem.    I personally think it is just fine the way it is, leave it to the market to determine the price of problem coins not the TPG's.

There is no seam. The coin has been pressed into the bezel.    
Notice on the obverse how high the rim is, that is part of the bezel.    
Although not a valuable Morgan in that condition, you would probably.  
ruin it trying to remove it. Leave it as it is.

You could always start your own grading service and offer this service.

Zinc rot. spend it before it turns to zinc dust.

You could always start your own grading service and offer this service.

Grading is already highly subjective, TPG's do not (and should not) want to open themselves up to that kind of problem.    I personally think it is just fine the way it is, leave it to the market to determine the price of problem coins not the TPG's.

Reported.

I agree with this being a lamination error, much larger than those on the two in your other post.

Here is a timely thread on the PCGS forum that touches on the issue of gradeflation in low circulated grades.   I think that Bill's reply toward the end of the thread is the most correct with regards to the coin in question and how it should have been graded.   And while we will never know in this case, I suspect that the grade analysis put forth by Bill would be a likely outcome had this been graded in say 1988 or thereabouts.
Linky

No I would not say that, back when the TPG's first setup operations MS65 was a very high grade, I wasn't into slabbed coins then but as I've been told getting an MS67 was almost unheard of.   Today MS67 is a very high grade but it is awarded far more frequently than back in the late 80's early 90's when the TPG's were just starting out.   And over the past 5ish years I have seen many coins that have been cracked and regraded 2 to even 4 MS grades higher than what the original grade was.   I'm not saying those new grades are incorrect or the old grades were correct, but we have seen high profile coins jumping grades with what to me is an alarming frequency.    The photo archives on the PCGS system were basically eliminated overnight several years ago because high profile customers of big dealers ((cough) like Legend (cough)) were complaining to Laura about seeing posts on the PCGS forum that involved regrades of their coins.
Gradeflation has touched every part of the grading scale, we are seeing coins that in the past would max out at VF30 now being graded as XF, even AU at times.   And yes the line between AU and MS has been blurred out of existence, market grading is not about using grading standards it is about pricing coins.   Today a grader looks at a coin and says what should this sell for, not what does this grade.   There is a reason why PCGS did away with its grading sets as grading sets are not needed under market grading, its noteworthy that CACG has grading sets that they expect their graders to use as a reference when grading.   Remember that most graders used to be dealers, so it stands to reason that if you put the foxes in the hen house the eggs may be tampered with.