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I realize what a swan represents on a small item like a watch, but I've not seen that swan with a "P" on it. Anyone know what the "P" represents?

Hi Boysilmet!

The swan in french silver hallmarks is used for indeterminated or origin unknown sterling silver items and watches imported and sold in France. A letter mark above the spawn indicates the french department where items have been imported and sold!

Regards,

Smoka

That reinforces what I've heard about this particular mark. I was told that the swan represents an imported small silver item and the P represents the Paris Assay office where the item was verified as silver.
Regards.

One point of clarification: the Paris assay office was distinguished by the absence of a distinguishing mark (called a "différent"). That's why this swan mark seemed unusual; all the ones you've seen before without the "P" were from Paris. The différent "P" was used in the assay office in Pontarlier (Doubs département), which was in operation from 29 Mar 1865 until 1 Jun 1933. An office was established there precisely to accommodate the imported watch trade, as it was only about 8 kilometers from Swiss border.

Hope this helps!