Would a capacitor labeled 470K be 47pf or 470pf
According to this site, 470k would be 47pF...

And you can see in the image below:



471 -> 47 x 10 = 470pF

In general, on those small, rounded, ceramic capacitor, you don't have too much space to write. The brown color doesn't help, too, to use colors like resistors. And in general this size of capacitor will have a low value.

So, to me, it makes sense to write the value using just 3 numbers, and also it's 
 ok that those values are expressed in pF...