That is a very rare example of Peterson's lesser known "colon-lip" pipe that had two circular orifices on the stem, which predated the the p-lip version. Turned out it wasn't that popular as there was some confusion about the name and people were afraid the tobacco would taste like shit and also about exactly where to place their lips when smoking a bowel of tobacco. Despite the initial failure, Peterson went on to invent the "pee-lip" which was an even worse failure, except in certain circles. Giving up entirely on orifice or orific stems, which as it so happened were an "orrific failure" they happened upon the current iteration and wisely chose "p-lip" as the descriptor of choice.
Hope that helps to clarify things. You're welcome.
Hope that helps to clarify things. You're welcome.