No... Beach sandals came in at the very end of the 1920s where the upper was a series of straps, but the straps were so close together that no toe was exposed. The peep toed shoes I see on eBay that are listed as 1920s are erroneously identified. The earliest documented peep toe shoe I have even seen is 1933. It coincides with the adoption of translucent nude coloured stockings. The reinforced toes of opaque stockings are not attractive and nobody wants to see a beige sock sticking through the peep toe of a shoe (and women didn't go stockingless in the 1930s except at the beach).
Most peep toed shoes however, are post 1938. In combination with the sling back strap, peep toes are very popular during WW2 because they use less leather in the construction of the uppers, and leather is a valuable commodity during the war to make soldier's boots, not women's shoes.
Most late 20s shoes are either a pump or "T" strap pump with a closed toe (almond or round shaped, with a brief fashion for squared toes in 1929/30) when you get into the 30's, the "T" strap disappears in favour of the instep strap, which is about the same time the peep toe comes into fashions, but you can get an evening shoe from 1934 that looks very much the same as an evening shoe from 1944, so they are difficult to date accurately.
So 20's peep toes? Never... 30s peep toes, yes, its possible... 40s peep toes, definately.
