Not the prettiest peony is it. It is the only one on a plant that is over fifty years old. She produced just one last year too, and I almost pulled the plant out in the Fall. In deference to her age and the joy she has given over the years I didn't have the heart to do it. The fragrance is beautiful, and at one time we could look forward to dozens of flowers on this plant.
I know peonies don't like to be moved, but I will dig it up and split it, then replant in a new spot with fresh soil. I hope it helps to rejuvenate the old girl. Wish her, and me, luck.