As BC says P indicates Silver Plated. A solid silver badge would be HM’ed or marked sterling etc. if marked. Also you would not get copper loops on a solid silver badge but they are found on plated badges.
Nice badge but it’s had a hard life by the looks. Scales are worn flat in several places which would I think be more than enough to remove the plate and some in those areas... I wonder if it’s been re-plated lately.
I’m sure a collector or officers or silver badges will be able to tell you for sure.
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