Named after Benjamin Peirce - American mathematician, astronomer (1809-1880).
Peirce is a small lunar crater, named in honor of the mathematician Benjamin Peirce, which lies in the western part of Mare Crisium. That dark, circular lunar mare is located in the east-northeasterly part 's near side. Peirce lies to the north of the craters Yerkes and Picard, and southeast of Macrobius located outside the mare. Just over a crater diameter to the north is the smaller Swift. (wikipedia entry)
A crater is a circular depression likely created by an impact event. On the Moon they are named after deceased scientists, polar explorers, astronauts or cosmonauts.