Firstly the term bail or bag seal is a little generic until you pin down its actually use. Those types of lead seal went on bags/bails.
Your Seal has
P Co - Suggesting a Company starting with a P.
ID the company, helps with its use. For example, if it were an electrical company it would seal electrical boxes, if it were a Train company, it would seal box cars etc...
So at this point of the process you have a 'Lead Seal' until it's function is worked out.
One ID you can rule out is a Cloth Seal, that sealed bundles of cloth, as they are a different style.
PS. everything is collectable, but these don't have much value