What you have is a cob minted in Mexico City. The assayer mark of P is unknown. From Sedwick's book, "Name Unknown. Typical assayer for Mexican silver coins salvaged from the Concepcion, sunk in 1641. The assayer served from 1634 - 1666. Consequently, the cob was minted during the reign of King Philip IV. The weight of your piece or a photo with a known object (penny, quarter, etc.) will give an indication of the denomination. Most likely a 4 or 8 reale.