The valence states of free neutral potassium clusters produced by a gas aggregation source were probed by synchrotron radiation based photoelectron spectroscopy. The first ionization energy (IE) of the clusters was determined to be 10% larger than the work function of bulk potassium. Using electrostatic concepts and the IE, the mean size of the clusters was estimated to be ≈2000 atoms. Further information about the valence band was provided by investigation of the Auger process initiated by the ionization of the 3p level with a subsequent emission of an Auger electron from the valence band (M2,3VV). Plasmon satellites were observed in Auger spectra of free metal clusters.