What makes a "key" date?

Is there a certain standard, or is it just a loose term overall?

 

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Low Population High Popularity. Everyone needs to fill that spot with that one coin that's not easily findable.

 

Right... I understand its definition, just wondered if it's purely subjective or is there a 'standard'?

 

There is no defined number if that is what you mean. It is just supply and demand. An example:

1951 Proof Great Britain Florin mintage 20,000 is listed by NGC at a value of $30.00 US.
1881 CC Morgan Dollar mintage 296,000 is going to cost you several hundred in the lowest grades.

 

I think it is subjective.

to me it has to be worth a lot more than a common coin of the type, even in low grade.

I don't consider varieties to be keys, just date/ mint combos issued for circulation

you can call some keys and other semi-keys. an 09-svdb is key, a 31-s is semi-key, IMO

I could argue there are no real keys in jefferson nickels, Roosy dimes, Franklin Halves, kennedy halves, Ike dollars etc.

 

Generally, there's just one...maybe two "Key Dates" per series. The other rare dates are sometimes referred to as "Semi-Key Dates". You're right...the term is over used. Personally, I don't consider error coins to be "Key Dates".

Some "Key Dates" examples...

1. 1916-d Liberty (Mercury) dime.
2. 1932-d Washington quarter.
3. 1914-d Lincoln cent.
4. 1885 Liberty nickel...(some may say the 1913)
5. 1877 Indian Head cent.
6. 1921-d Walking Liberty half.
7. 1878-s Seated Liberty half.

...etc.

 

"""I could argue there are no real keys in jefferson nickels, Roosy dimes, Franklin Halves, kennedy halves, Ike dollars etc.""""

I would agree... As I've mentioned in other threads, in collecting (esp. moderns) sets it's tough for me to figure out WHAT to include. My latest O.C.D. moment was the Roosevelt "no S" dimes --- should I include the 70, 83, 68.... is the set COMPLETE without??

 

A "key date" is simply the most difficult to locate date/mint combination for a given series. With some series even the "key date" is easy to locate and cheap, it is simply slightly more difficult than the other date/mint pieces. Key does not always mean costly.

 

I agree doug. I can see twice or three times a key date coin then the next date/mintmark coin.

But thats the reasoan why there is so many, because there was less made, and they are more valuable. Its only a story of supply and demand. which is= amount made with how much people want this coin. I have to say, there are coins with very low mintages, and they dont charge much of a preimum at all because the date and mintmark is not popular.

 

Doug is right, Key coins cost....it is almost never an issue of availability. While they are "scarce" because of their mintage they are expensive because of their popularity. There are times I can't find an 36-D quarter in MS but I can get two or three 32-D or S quarters in various grades.

 

I would key has nothing to do with supply. Supply can be a few or millions and still be key. Key to any series is simply the coin whose demand most exceeds supply.

Couple of examples. There are many dates of seated liberty halves where they struck 10,000 or fewer coins per year. However, there are even scarcer dates in the series so these are not key coins. Take a series like Mercury dimes where most years they struck them in the millions and the 264k mintage for the 16d is relatively low, but still 26 times or more than those SL halves. The difference? Since there are so many mercuries around, there are many more collectors. Therefor the DEMAND for a 16 d is way more than 26 times greater than for those low mintage SL halves.

Its all about DEMAND. Supply literally can be 1 or 10 million coins, and it can still be labeled the "key".

 

It's subjective to the flipper.

Question: Can a Coin Series have more than one "Key" date? If so, what differentiates one "key" from the the other?

 

I guess you could say I'm a cheater when it comes to some "key dates". As far as a 1932 George Washington Quarter S or D they don't mean much to me. I have a couple of 1932-P's and that works for me. I don't care that the D was minted first or the S was minted first and considered the true key date, they're all the same year and I wasn't even born yet so I don't really care much. Besides, they're all silver and if I stay with the 1932-P I don't have to worry about buying an altered mint mark.

 

In my opinion...Roosevelt "no S" dimes are error coins and are NOT key dates. HOWEVER, that's only my opinion "as a non-error collector". This brings up an interesting consideration...types of collections. Key dates change based on the "type" of collection.

Some types of collections...

1. Circulated
2. Errors
3. MS63
4. MS65
5. MS65 - Full Strike
6. PF65
7. PF65 - Cameo
8. PF65 - Deep Cameo
9. etc...

Take Franklin Halves, for instance...a collection of circulated coins has no real Key Dates, but a collection of MS65 - Full Strike coins would have a Key Date of "1953-S FBL".

 

I think the redbook and other price guides define keydates. they are not based on availbilty

 

Just for an interesting comparison - the 2012 Army Half is definitely the key to the modern commem half series... but the 1908 s cent is not a key.

 

I sometimes forget that the internet makes these coins readily available. I suppose I should of stated it as not easily findable at a budget friendly price. I remember before eBay became what it is today that it would take several hours and many coin shops later to find a date needed to fill the ole Dansco.

 

I think a key date needs to have some rarity or price factor involved.

The coin should be tough to find ( or at least expensive in low grades) and not an error like a no "S" proof dime or a variety

There is no key Franklin half, Roosevelt dime, Ike or any small dollar.

the 50-d Jeffy nickel is barely a key.

To me key means expensive, like an 09-svdb , while it is the most over-rated key of all time, it is expensive, even though you can easily find it in MS-65 Red if you have a the coin to pay for it !

Morgan dollars have some real keys and semi-keys that are pricey. I like a set like Peace dollars that can be completed for less than the cost of a condo.

The old Buffalo nickels are littered with semi-key dates but no real key. That is a tough set to complete in VF+ grade and ridiculous in high mint state