Peacewas presented in 421 BC. during the festival of Great Dionysia and won the second price. Aristophanes wrote the comedy during the peace negotiations between Athens and Sparta, which resulted in Nikias' peace. The two peoples hoped that this peace would end the Peloponnesian War, which was not to be accomplished.
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When Dionysius, the tyrant of Syracuse, asked Plato to recommend him a book which would help him to get to know Athens, the great pholosopher sent him Aristophanes' comedies. Indeed, no other text from antiquity gives us a more vivid idea of what Athens was at the end of 5th - beginning of 4th century BC.
However great difficulty the modern reader or spectator may have when confronted with the poet's references to people or events of that era s(h)e can, nevertheless, enjoy the aristophanian comedies exactly because the human characters and situations have striking similarities throughout mankind's history.