Thats a great token! Still looking for my first saloon token. I cant help with where its from, but hopefully you can track it down. Saloon tokens are some of the most popular (and expensive) types for collectors.
Don't know if its related but I found this listing for a saloon token that also has some of the same elements. Yours could be a maverick (not associated to a specific location) or it could be an unknown variety for a known place. If thats true it would be a very, very valuable token.
I dont know if Paris, Texas, is an old place, but there are lots of old towns in Texas. That said, the token probably came from somewhere nearby, probably a saloon in Paris. You might try looking up the history of Paris, and find out who the business owners and leaders in the community were in the latter half of the 19th century and the early 20th century, and you may find a match for those initials. The smaller the town is the easier it will be to find a match, if there is one to be found. But also remember that saloons werent the only places that sold a drink back then.