Dotted ribbon surrounds a fancy letter P image. This drop cap P image is interesting because you could easily replace the existing P with one using another style or font. It’s in the public domain, so you can use it however you wish.
I found several similar fancy letters images, drawn by Gordon Browne (1858-1932) in National Rhymes of the Nursery.
This image is copyright free and in the public domain anywhere that extends copyrights 70 years after death or at least 120 years after publication when the original illustrator is unknown.