What does 14K P mean on gold ring?

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The term 14KP stands for "karat plumb" gold---meaning exactly 14K....no more, no less.
KP does NOT mean plated. It is solid 14K gold.

Karat weights are usually determined with a small, fractional variance allowed by law. Karat gold which has NO fractional variance at all is called "plumb" gold -- typically identified with a "KP" hallmark.

14K P means Plumb Gold not Plate Gold.

"PLUMB GOLD A term used to describe gold jewelry that contains the precise amount of gold in the alloy that the Karat mark indicates. In the past an item marked 14Kt could legally have been 13.5 karat and still considered 14K. Today an item marked 14k must be at least 14 of 24 parts fine gold and is considered plumb gold. In some instances manufacturers have marked their jewelry 14KP meaning plumb, but inadvertently have confused the public that believed the 14KP mark meant gold plated. "
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