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Yup, Dave is right. The "grades of many colors", grades 0 and 1, were in effect in 1884 when this gun was made. Rereading TPS, Volume 1, Price and Mullins state that they had only examined one Grade 1 hammer gun with "1" markings on the water table. They didn't mention how many hammer guns they had examined with a "P" stamped on the water table, but I have only seen one of those. They state that 0 and 1 grade hammer guns with the grade stamped on the water table are seldom encountered.
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