Welcome Darren, 0 on the back lug is the frame size, W.K. in the oval is for Walter King, guns works supervisor, T is for Twist barrel steel, 3 w/the smaller 2 is the unstruck(prefinish) weight, c is unknown but may be an inspection mark, P on the water table above the serial number is the grade. Also known as a grade 1. A zero frame P grade 16 gauge Parker is very sought after. Please show us the rest of the gun. Congratulations on what looks to be a nice gun.
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