This Smith & Wesson knife, marked P19, is a very rare Proof knife from the S&W Collector Series.  P19's guard, pommel and escutcheon are Sterling Silver. The handle is select grain Wessonwood . The S&W logo is hand-engraved on the Sterling Silver pommel end.  There is no sheath, box or case for proof knives.

The "P" designation officially means "Proof", they were also called prototypes. They are the 1974 pre-production knives of the “Collectors Series".  S&W commissioned Blackie Collins to make the Proofs and the blades were etched by S. Dillingham Etching who also etched the final Collectors Series blades.  This knife (P19) is one of those Proofs.   It however was not one selected for commercial production.

Of the total Proofs produced, some were not marked Proof, some that were marked Proof were not serial numbered. This knife is both marked Proof (P) and serial numbered (19).  The hand engraved Collectors Series escutcheon with P19 documents this rare Proof and adds provenance.

Extremely rare and very beautiful.  Only a handful of these Proof knives exist and are rarely ever for sale.