Peterson System, looks like an 3XX (A more overall picture of the pipe may help narrow that down between a 312, 314, 317 are pretty close shape to each other)
If the sterling silver band doesn't have hallmarks, it was made post 1976 for countries that didn't require silver hallmarking, of which the US was one.
I'd say you have a post 1976 System in a 3xx shape with a P-Lip made for the US market.
Value ? Whatever a person is willing to pay for it
New they tend to go for $80-$90