I would not rule out the possibility of it being a Pierce. If you look at all the literature in the Pierce serial number thread it shows photos of later Pierce racing bicycles, made after the original Buffalo Pierce company was ditched, which have BSA crankshafts and English-like construction with the lugged frames etc..
At this point there does not seem to be any good information or any authority on Pierce bicycles, so I would not listen to what anyone says and just stick to the factory and period literature that is available for information and do your own research.
As far as being a "racer" goes, it seems a lot of low-end bikes were equipped like this too. The Pierce I am currently taking care of is equipped just like your bike, with a fixed-gear, non-coaster rear hub, dropouts with the rear-facing slot, and handlebars which can be flipped up or down depending on the rider's preference. In the later 20th century the only bikes built like this were "track" bikes, but in the early 1900s it seems to have simply been the way to make a cheap low-end bike, the more expensive ones added options like coaster hubs, brakes, suspension, shaft-drive etc..
Personally I really like the old simple bikes like this that do not have all the bells and whistles, it makes them light and easy to work on. Also it is fun getting a taste of what it was like to ride the average bike 100 or more years ago. My main motivation for fixing the Pierce up which I found is just to experience riding it a bit with it's fixed gear and old frame geometry etc.. and it is fun looking at how they built things back then compared to now, and lastly I am a history buff so it is always nice to dig up little bits of information on old things that are laying around here. Good luck.
.Any help would be appreciated.
