Yes, that's the likely manufacture year, not always the year it was shipped from the factory. only a factory letter will tell that...the number you are looking at is an assembly number use to keep parts together as a unit.....if all orig., that revolver will have matching numbers in (6) places.....under barrel, bottom of frame,back of cyl., inside of yoke (crane), back side of extractor star, grips.....IMHO........Great revolvers, also known as pre17
Very nice pre-17. With the K prefix on the serial number, why did you first think it was a J-frame? Is that a star between the K and the s/n? Your pre-17 was made in 1950 (a birth year gun for me) S&W didn't start assigning and stamping model numbers until 1957. Beautiful stocks that should number to the gun. Take them off and post an image of the left side of the grip frame. I'm guessing it's been back to S&W for repair or refinish. There will be stamps and a date on the grip frame.
You'll notice the gun on the right has been back to S&W twice, once in Nov. 1964 and again in October 1975.