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In Japanese, the letter "p" is pronounced as "pi" and represents the sound like the "p" in English.
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Park
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Its called a P trap because if you stand the trap up and looked at it, its in the shape of the letter P
The "P" in P-51 mustang stands for pursuit which is the equivalent to a modern "F" designation.
Perception.
especially
The Philadelphia mint (where the coin was made).
Perception Perception
The letter P in the designation of aircraft during the World War II period (e.g. P-36 Hawk) represented Pursuit.