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We present X-ray and optical observations of the X-ray bright AGN 1ES1927+654. The X-ray observations obtained with ROSAT and Chandra revealpersistent, rapid and large scale variations, as well as steep 0.1-2.4 keV(Gamma = 2.6 +/- 0.3) and 0.3-7.0 keV (Gamma = 2.7 +/- 0.2) spectra. Themeasured intrinsic neutral X-ray column density is approximately 7e20cm^-2. TheX-ray timing properties indicate that the strong variations originate from aregion, a few hundred light seconds from the central black hole, typical fortype 1 AGN. High quality optical spectroscopy reveals a typical Seyfert 2spectrum with some host galaxy contamination and no evidence of Fe IImultiplets or broad hydrogen Balmer wings. The intrinsic optical extinctionderived from the BLR and NLR are A_V >= 3.7 and A_V=1.7, respectively. TheX-ray observations give an A_V value of less than 0.58, in contrast to theoptical extinction values. We discuss several ideas to explain this apparentdifference in classification including partial covering, an underluminous BLRor a high dust to gas ratio.Comment: 8 pages including 10 figures. Accepted for publication in Astronomy  and Astrophysic

1ES 1927+654: Persistent and rapid X-ray variability in an AGN with low intrinsic neutral X-ray absorption and narrow optical emission lines