Definition - Keys/Semi-keys/Others

Searching around Google has shown me that there doesn't seem to be a specific definition of "Keys" and "Semi-keys".

One site had only one key Lincoln (1909-S VDB) with the 1914-D and 1931-S as semi-keys.

Another says these are the keys:
1909s
1909s VDB
1914d
1922
1931s
The semi-key dates are: 1910s, 1911d, 1911s, 1912s, 1913d, 1913s, 1914s, 1915, 1921s, 1922d, 1923s, 1924d, 1926s, 1931d, and 1933d.

What is your operating definition for keys, semi-keys and others?

I think I know what the answer will be, but let's see what you say first.

 

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Keys -- The top three coins (based upon value and population) of any series which are subsequently appraised as the most expensive to purchase in the series.

Semi Keys -- The next 15% of any series (based upon value and population) which are the next most expensive to acquire.

This is only MY take on the use of the term and how I collect and make the determination.

Take Care
Ben

 

definition..............

i think i like that, ben.

steve

 

I look at keys as the most difficult coins to obtain, which are sometimes not always the most expensive. If we're using Lincolns as an example, the 23 S comes to mind. Rather high mintage for the times, but hard to find a decent specimen. It's a cheap coin to buy...the problem is finding one. To me, coins like this are keys. Unfortunately,speaking of Lincolns again, the 09S VDB shouldn't be a key, despite the low mintage, because most were saved from day one and more exist than probably any other early Lincoln date in today's market. It's a false key in my opinion.

So, it's all up for opinion in some cases.
Guy~

 

Good starting point.
But probably has to be tweaked depending on the series.

For example, Standing Liberty Quarters.
I see the 1916 as the only key (I'll ignore the 1918-S, 8 over 7)
Nothing else comes close.
For semi-keys I see the 1921, 1923-S and the 1927-S.
That's about it.

 

I don't believe that there is one pat answer to that question, but here is PCGS's definition:

No one would consider the 1926-S a "key" to a circulated set, yet it is THE key to a red set and, depending on the grade of your set, the 23-S or even the 24-S might also qualify as keys. As a further complication, what qualifies as a set. For Lincolns, 43 coppers? 44 steels? Other errors? Are the 55 D/D or 22-P regular issues or errors?

 

Yeh, the 1909-S VDB is a bit of an oddball.
It's definitely the key in the lower grades (XF and below).
But other coins catch up with it in AU and up, in particular the 1914-D.

This sort of thing is probably why there is no hard and fast definition for keys and semi-keys.

 

rim's cents brought up a good point that I had forgotten about.
The "condition rarity key".
Sort of fits the 1909-S VDB case.

 

I assume the definition of key includes price. It may surprise you to learn the the 3 most expensive SLQ's (MS, not proof) sold at Heritage do not include the 1916
1927-S MS65 $149,500.00
1918/7-S MS64 $149,500.00
1920-D MS68 $132,250.00

 

I definately don't think error coins should be considered key dates (ie 1922 Plain). If we were to include them then that would put the famous 1943 copper cents at the top of the list of key dates for Lincolns.

 

I agree 100%. What about "error" coins where only three exist. Voial! You have a key - if you REALLY want to complete the entire set.

Error coins are anomalies - not part of the regular circulation set.

 

The follwing coins are varieties, not errors: 1955 Double Die cent, 1922 Plain cent, 1937-D 3-Legged Buffalo nickel, 1942/1 Mercury dime. There are thousands of examples of these varieties whereas errors (off-center, clipped planchet, etc.) are usually unique.

From About.com:

"A die variety is any variation in the normal design of a given coin, usually caused by errors in the preparation or maintenance of the coin dies.

. . .

One must be careful not to confuse die varieties with error coins, which have variations in their appearance as a result of the manufacturing process itself, such as off-center strikes, wrong planchet types, planchet preparation mistakes, etc."

 

At the Phoenix ANA show, I could have bought a roll each of 1909SVDB, 1914-D ,1922-D and 31-S had I had the extra $$$, but I walked away without a single 1921-S,23-S and 24-S in XF/AU because there were none there. Those 3 dates were un-buyable to me because of soft strikes and originality issues. In my book, they are far underrated, all 3 of them.

The toughest early S mint Lincoln in XF+ is the 14-S, followed close by the 11-S .

 

I know there are alot of key dates & semi key dates, but noone has mentioned the 1909VDB matte proof Lincolln. Out of all the Lincoln cents, business strikes or proofs, its probably one of the hardest to find. In any condition.

 

Not a business strike, but agreed, it is one of the more difficult to locate. I believe the thread pertains to business strike coins , not errors, varietys or proofs.

You have one, am I correct Baja?

 

It depends on the series. One must eyeball the entire series and make a call custom to that series; it's impossible to come up with a "one size fits all" formula.

For instance, I collect Indian $2.5 quarter eagles. Take a look at that series - what do you see ?

It's very clear - that series has one key, and all others are almost identical in price. There are no semi-keys. The one key is as valuable as all others combined.

It's also dependent upon what grade range you're collecting. My Indian $2.5s are AU55 - MS62. In that range there are no conditional rarities - all are about the same price (except for the key 1911-D).

But get way up there, MS64 and up, and suddenly some dates are extremely tough, so they act like semi-keys.

A Red Book is adequate to spot keys and semi-keys for a given grade range.

It's all subjective.

 

I agree 100% with his assessment providing for the elimination of errors and so-called varieties. Because if we go by the Red Book's prices as indicators of keys and semi keys then 1922 Plain would be considered a key.

 

well I'm the only key and the rest of you are commons

it's up to you to decide the price of something, thus solely giving you the power to say what is semi-key and what's key

 

I don't like the fact that I bought an Indian/FLying Eagle Dansco last week...it has a hole for the 1869/69......what-up with that? I don't care, sent the book back to Collectons. The 1869/69 is a variety in my book...dont want it in my Dansco or to have to buy one

 

Gotcha. Its a tough coin for sure. I wish I had bought one. I was offered 2 afew years ago, for dumb money.(really cheap in hindsight). I past at the time because I wasnt actively buying at the time. Just studing coins. Man the one big regret in coins is not buying them.

I think I would sell every coin I have for one now.



Im still trying to cherrypick one.