What do the records say...

[Bill Murphy]

Late Grade 1 hammer guns, unlike earlier Grade 1 hammer guns, which were very scarce and referred to as only "Grade 1" and only marked as such, were stamped P, just like a hammerless Grade 1. Guns marked such are scarce. The original poster says the owner of this gun refers to it as a P Grade, probably because of its rare marking on the water table.

[edgarspencer]

This has to be the highest SN 20ga. Hammer Gun. There were a few 10ga guns and a series of 12ga guns up in the 179K range. I think I was only able to find one 16ga Grade 2 with a higher Sn than my GFH(Gun From Hell), but there were a few 0 and 1 Grades above my 76544.