What makes a coin a Key Date?

Tade

Are certain coins "key dates" because of the availability? And can a series have a change in "key dates"?

I noticed a couple references to a 1983 coin (5 or 25 cent) as a key date.
How is that determined? Maybe I got the year wrong

Tade

Steve27

Generally speaking key dates are the toughest coins to obtain in a series because of low initial mintage, low surviving population, or both. A good example is the 1916-D merc dime, with a mintage of 264,000, it is scarce compared to all other dates in the series. I would refer to the 1983 quarter as more of a grade-rarity than a key date.

nwcs

Rarity and popularity. There are plenty of rare issues that are easy to get and plenty of popular issues. But add the two together...

cladking

<< <i>Generally speaking key dates are the toughest coins to obtain in a series because of low initial mintage, low surviving population, or both. A good example is the 1916-D merc dime, with a mintage of 264,000, it is scarce compared to all other dates in the series. I would refer to the 1983 quarter as more of a grade-rarity than a key date. >>



Certainly this is true to a classic collector but modern collectors are still defining their terms.
An MS-65 1969 quarter is a grade rarity but all unc 83-P quarters are rare so it may well end
up being referred to as a key date. Much depends on how people end up collecting these
coins.

Fairlaneman

The Old School thinking on a Key Date was probably the coins with the lowest mintage within a series. A good example of this is probably the 1916D that was mentioned already. Since the advent of the Slabbing Companys some of the True Key coins to a series have been exposed. The Key Dates, IMO, have changed for some series to a serious collector of a particular series.

I'll use the Merc series as a example. The Traditional Key Dates are the 16D, 21P, 21D, and 26S. Nowdays these dates are held in high esteem still, but to a collector that specializes in this series I believe the Key Dates now would be the 19D, 19S, 23S and the 27D and 27S. These four (Opps five) dates are truly hard to find in any Mint State Slabbed Grade. Especially the 19D and 19S. These two dates are tough,tough tough in FB and the 19S has No examples slabbed in FB above MS65. If a 19S should be slabbed I just cannot imagine how much the coin would sell for.

Ken

kranky

I guess my definition of a "key date" is a coin which is comparatively expensive in all grades. It does generally align with mintage/availability, but not always. I don't consider grade rarity a factor.

wallstreetman

The ones you cant afford!

JoyofCollecting

The "key" dates are the ones you should be buying first when you start a series....but end up usually being the ones you purchase last. Study and collect a series in depth and the published "keys" and the unpublished "keys" become evident pretty quickly.

zep

Fairlane,
Isn't there an MS67FB 1919S dime certified by one of the services?

crito

It's the coin(s) in a series with the lowest mintage, because even if they all survived, that's the total number of sets that could be assembled. But, like Steve27 said, it also extends to dates with low survival rates... like when there's documentation most were melted by the mint. Grade doesn't make a date key. It makes a condition rarity. Don't tell me a $300 1916-D Merc in AG3 is attractive The only reason anyone would pay that kind of money for a badly worn coin is to finish a set.

wallstreetman

Key Date is the one everyone wants even if they dont collect that series, doesnt matter if its about mintage or grade, the price will attest to that!

TWQG

<< <i>but all unc 83-P quarters are rare >>



That's just not true and I'm tired of this one being thrown around as an example.

cladking

Unc 83-P quarters may well not be rare by some arbitrary definition of rare. I was using the
term in context which said that a 16-D dime is rare. There are fewer unc 83-P's hence, in context,
it is rare.

dabugler

What makes a coin a Key Date?

The symbol of a key that littlton places next to whatever they want in their catalogue.

Fairlaneman

Zep you know there could be a 67FB 19S certified by someone. As usual I was being Bias and stating only the PCGS population. Shame on me.

Ken

roadrunner

Implicit in the definition of a key date is that the coin be fairly available and in great demand. The 1909-s vdb would not be a "key" date if only 5 to 100 pieces existed. It would be rare and desireable but no longer a "key" IMO. The 1893-s dollar is a key date. Something about completing a popular set goes along with the word "key." Used often with 20th century or late 19th century
set building.

I don't consider the 1874-cc dime or 1872-s quarter key dates per se. Rare? yes! Desirable? Tremendously so......esp. compared to the common keys in the 20th century like the 1916-d dime and 1901-s quarter. The above 2 seated dates, and dozens like them, are too rare to be "keys" and very few people in comparison are chasing after them to complete sets. There aren't even 100 of each in existence. They really aren't keys the way the word is used today.
Just incredibly rare and underrated.

roadrunner

DHeath

Implicit in the definition of a key date is that the coin be fairly available and in great demand.


Roadrunner, a smart and a frequently overlooked point. Lack of availability kills certain series for collectors too.

OAKSTAR

@Tade said:
What makes a coin a Key Date?

Overdate

A 1909-S VDB cent is widely considered to be a key date.
A 2019-W cent is not (at least not yet).

lkenefic

Wow... old thread alert!!

Yes, the 1909-S VDB is considered the key date for the Lincoln Cent series ( mintage 484,000) but it is not a rare coin. There are numerous examples at any big show and many to choose from in online auctions.

The 1877 IHC is the key date for that series (mintage 852,500) even though fewer 1909-S IHC's were minted (309,000). The economy was still recovering from the Panic of 1871 causing little demand for Cents. Many of the coins produced during this time were reclaimed by the Mint and recoined. I dont have Rick Snow's book handy, but I believe he put estimates of coins dated 1877 that stayed in circulation closer to 250,000. IHCs dated 1909-S were saved because it was the final year of the series... so, even though fewer were actually minted, it's a much easier coin to find... and find nice... than the 1877 IHC.

BryceM

The concept of key dates can be confusing. Take Peace dollars, for example.

There are 24 coins in the standard date/mintmark series which range from the 1921 to the 1935-S.

In terms of mintage, the 1928 has the lowest, by far at only 361k coins. Compare that to the 1922 Philly issue (the highest mintage of any silver dollar) at 51.7 million. So, the 1928 is widely regarded as the "key date" to the series, commanding prices up to $300 even in XF condition, with "non-keys" being worth only $30-40 in similar grade ranges, mostly from bullion value of the silver.

But, if you look at mint state coins, the 1934-S is the key date. An ugly MS60 example will still run you more than $2,000, while the 1928 is only worth around $500 at MS60. At MS60, there are a few "semi-keys" such as the 1927-D, 1927-S, and the 1935-S. Each of these is worth around $200-300.

But wait. If you want gem coins, everything changes. At MS65, the 1934-S is now considered a semi-key, worth around $12,000. The 1925-S and 1928-S are exceptionally rare at gem grades and nice examples are worth around $40,000 and $20,000, respectively. At MS65, there are now 4 coins more expensive than the 1928.

At MS66, there are no 1925-S coins. Zero. None.

At MS68, there are only 2 coins. Two. A single 1924 and a single 1925.

To summarize, the overall key date is the 1928 Philly coin. The key coin in mint state is the 34-S. The key in gem condition is the 25-S.

Coincidentally, the 25-S is commonly found in circulated grades. These have very little value above their intrinsic bullion content all the way up to AU grades.

All of this in a series with only 24 issues!

..... and now I see that I'm responding to a zombie thread from 20 years ago. Curses upon the progeny of whoever dug up this old thread.

telephoto1

What's up with people digging up years-old threads lately?

OAKSTAR

I always thought key dates/semi-keys were intriguing and comes with a vast number of opinions.

Curses upon the progeny of whoever responded to this dug up old thread.

Omegaraptor

The 1909-S VDB is the key date in the Lincoln Cent series. It is the most expensive coin in all but the highest grades. But it isn't the toughest to find in UNC.

That honor would, in my (fairly limited compared to some) experience would probably go to the 1923-S. You will probably find 20-25 UNC SVDB cents for every UNC 23-S. Nearly the entire mintage of 23-S Lincolns went straight into circulation and wore down. Virtually none were saved. Oh, and most UNCs are also poorly struck dogs.

Yet, it is merely considered a "better date" because most Lincoln collectors are content with a VF piece to plug the hole in their Dansco. And the VFs you won't have any problem finding or paying for.

So the definition of what the key dates are and aren't is definitely going to vary depending on what kind of collection you're trying to build.

mr1931S

@kranky said:
I guess my definition of a "key date" is a coin which is comparatively expensive in all grades. It does generally align with mintage/availability, but not always. I don't consider grade rarity a factor.

Neither do I. Some key dates are promoted more heavily than others. Promoting drives prices to higher levels than they would be if not promoted. And history shows that some key dates are just plain perpetually overrated. The goal of promoting and overrating is to turn collectors upside down and see how much money falls out of their pockets.

alaura22

Any coin that you need is a key coin!

Overdate

Any coin that's on my key chain is a key coin.

Bamaphil

Key date , is a rare coin that everyone wants hard to find. Example 1982 D-Small date weighs 3.11 grams.

NeophyteNumismatist

Old post, true... but a very common question. My response to the same question ATS:

Leading indicator is mintage - lagging indicator is survival. If you think about each series and the key dates, these are generally "low mintage."

If you consider the 1950-D Nickel, that was the "key date" that wasn't. This coin was hoarded and is widely available and very affordable, because so many were preserved.

Likewise, if you think of the 1932-D Quarter, this is the key date despite the 1932-S being lower mintage. In fairness, both are tougher dates, but the 1932-S was hoarded by collectors and dealers, while the 1932-D was less so. So survival is driving the key date status of this coin

The cost of these key dates is driven by demand. If you think about the 1893-S Morgan dollar...There were 100K minted, and there are probably 10K surviving today. This coin can be found at any large coin show, and is plentiful compared to other series. On the rarity scale, this coin is an R.1 (common). However, the demand for this series is so strong that examples will be much more expensive than R.3-4 coins in less popular series (in comparable grades).

mr1931S

Nearly the entire mintage of 23-S Lincolns went straight into circulation and wore down. Virtually none were saved. Oh, and most UNCs are also poorly struck dogs.

'23-S with good strike is a b to find even in medium circulated grades. I'm fussy about strike and one of the last coins to complete my circulated Lincoln set was '23-S. Finally found one for my LC album about a year ago that measured up.

yosclimber

The above are good definitions.

Of course the usage of "key date" varies in practice.
On ebay, it seems that almost any coin offered by some sellers is a "key date" and "rare"....

PerryHall

The term "key-date" came into common use when most collectors were filling holes in their cardboard coin albums from circulation. It was usually the last hole filled in the album. The term has nothing to do with "grade rarity" or any non-major variety. Later, the term "semi-key date" emerged for those coins that were tough to find but weren't the actual key-date.

conrad99

As near as I can tell from ebay listings, "key date" just means the seller wants overmarket money for a coin.