The most common and most likely answer to this crossword clue is the 9 letter word BARONETCY
I've seen this crossword clue in The Daily Telegraph
B
A
R
O
N
E
T
C
Y
More clues leading to the result BARONETCY
Buddy explains!
The straight part
We know that "A peer may have one" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case a peer may have one = baronetcy.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does BARONETCY mean?
BARONETCY noun- The rank of a baronet