Yes, if K<0. No otherwise.
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Just a pair of straight vertical lines, one on either side of the number. The absolute value of 18k is |18k| . The absolute value of 'x' is |x| .
If gold is real it will be stamped with a fineness number of 1-999 or .1-.999. It can also be stamped with a karat number of 10K, 14K, 18K, 22K or 24K.
Probably that it was # 766 of an 18k Design.
18k refers to the gold content (18k = 75% gold) with the rest being silver or other metals 159 refers to the purity of the silver
these are the proper hallmarks 24 Karat Gold - 24K or 999 22 Karat Gold - 22K or 917 21 Karat Gold - 21K or 875 18 Karat Gold - 18K or 750 14 Karat Gold - 14K or 585 10 Karat Gold - 10K or 417 9 Karat Gold - 9K or 375 14 Karat Gold filled - 14K GF or 14K/20 Sterling Silver - 925 Pure Silver - 999 the ratio is A/24=B for example 10/24=0.417 therefor 10K=417