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I believe the model number prefix “PH” denotes a “Pro Series” electric fryer.  It distinguishes its new design from the older common electric “H” series fryers:

H14/17/22 Series Electric Fryers

Pro Series Electric Fryers

 

The Pro Series upgrade was evident mostly in its cabinetry – with a re-designed “euro-look” with a rounded front ledge having the name “Frymaster” boldly stamped in it.  The Pro Series also had a continuous front bezel which extended the full length of a fryer battery (vs. individual control panel bezels), hidden control panel hardware, better access through the rear…and some internal changes.  I believe the Pro Series is also when they began using Molex connectors for element connections as opposed to having to hard wire the elements straight to the contactors when replacing them.

 

Of course, several years later they went to the RE design – which continued with the Euro-look cabinet.  Those would have a “RE” prefix in the model number:

RE Series Electric Fryers