Valuable Key Date Coins

Anyone who has sought to build a date and mint mark set of any series of U.S. or world coins has heard about key date coins. Continue reading to learn more about valuable key date coins.

Key Date Coins Definitions

The generally accepted definition of key date or key coins of a particular series is either those with the lowest mintage or those considered the rarest. And rarest may or may not include error and variety coins depending generally on whether they are well-known ones like the 1937-D Three-Legged Buffalo nickel or a more obscure coin. The second definition is usually more useful for classic coins because with them what really matters is not the original mintage of a coin but how many examples have survived. Some collectors will focus on the number in a particular grade to determine the condition rarities, which are different from key date coins in most cases. Keep in mind that those census numbers of graded coins change over time before spending a lot of money on a coin that is common in all but the highest grades.

American Eagles Key Dates

With modern coins like American Silver Eagles, it is generally a safe bet that all or most examples struck of a specific coin still exist since it would make little sense to melt even a common date coin of this series, especially at a time when the premium on those coins is so high. In this case, focusing on the lowest mintages will be the best way to determine what the key coins are.

For Silver Eagle series, the top key had long been the 1995-W Proof coin that was only obtainable when issued if someone purchased a four-coin American Gold Eagle set that was paired with it as part of the 10 ^th anniversary American Eagle set. But then in 2019, the Mint threw a curveball by issuing the 2019-S Enhance Reverse Proof coin that had the same maximum mintage of 30,000 coins, becoming the other key Silver Eagle.

However, the value of he two coins differs considerably with the 1995 coin being more expensive (by a factor of about four, i.e., an ungraded coin runs at least $4,000 compared to about $1,000 for the 2019 coin) because it is harder to locate and has had decades for its value to increase. In fact, in PF70 the 1995-W runs at least $20,000!

Key Date Coin Types

With some series there is just one overall key coin, but often there are a number of key coins in a series such as Morgan silver dollars, where they top keys are 1893-S, 1895 Proof only and  1889-CC. Some collectors would put other Carson City coins, or the  1895-O,1892-S and others in there, but those are probably better considered to be semi-keys.

Demand and popularity are important too as some coins in a series are always very desirable such as a 1917 Type 1 Standing Liberty Quarter, especially if it has a full head. Although that coin is not a key as such, it is likely to at least hold its value over time if you acquire a nice example because of the coin’s widespread popularity and the fact that every type collector needs it.

Key Coins Collectibility

Key coins are typically the most or among the most expensive issues in a series to acquire, which is why many, if not most, collectors wait to obtain them until they have purchased the other, less expensive coins. There is also a good reason for waiting to acquire them, or at least the most pricey ones, in many cases, which is that one needs to have reached a certain level of expertise as a collector, especially of the series in question, before acquiring the top key coins to be in a good position to select solid quality examples, especially if purchasing raw coins, which have often been cleaned if they are from the 18 ^th and 19^th centuries. When it comes to cleaning, it really depends on how much the coin was cleaned and how much it matters to you to have a coin with original surfaces. A lightly cleaned example of a pricey key date might be an option for those on a budget.

It is advisable to purchase professionally graded examples of those pricey key coins to avoid some of the worst pitfalls, but not all graded coins of the same grade are of the same quality in terms of eye appeal, strike characteristics and other factors.

One more consideration as far as when to acquire the key coins is the price performance of those coins over time. Has the coin in question been rising in value in recent years as has been the case, for example, with the  1921 Peace dollar, whose value has increased sharply over the past couple years probably because of interest in the new Peace dollars being produced by the U.S. Mint.

Numismatic fame

Numismatic fame or notoriety is another factor that can make a coin a key whether or not it is a key in terms of mintage or surviving specimens. This applies to a coin like the  1909-S VDB Lincoln cent from the first year the series was issued that is one of the most famous coins in American numismatics. Briefly struck at the San Francisco Mint before production was halted to remove the designer’s initials from the coin, it also happens to be the lowest mintage regular business strike coin in the series, but it would be a key even if it were not the lowest. However, it is certainly not the rarest, which would be the 1943 bronze cent or the 1974 aluminum trial strike coin.

Another long-established pair of key date and also first year of issue coins is the 1932-D and 1932-S Washington quarters struck during the Great Depression when there was less demand for coinage. In this case, among examples that circulated the lower mintage S coin is worth more, but for mint state pieces the higher mintage D coin is more valuable. For coins like this, a collector should try to purchase the highest quality example they can afford since often the value of a particular set of coins will have a lot to do with the condition of the key coins, especially in a series like this where many of the coins are quite common apart from high mint state examples.

Some high-grade key dates in some series have softened a bit in recent years, which might present a good buying opportunity, but those two Washington quarters, which are always in demand, have been largely stable in value. In such a case, deciding when to acquire the coins is a matter of when you can afford them and when you find examples you like.

There is no hard and fast definition of what a key date coin is, or what makes a coin rare, and deciding when to acquire the keys of those series will largely depend on the various factors discussed here. Being as knowledgeable as you can about the coins you collect is the best approach and will enable you to build a more valuable collection and one that gives you greater enjoyment.

FAQ

What are key date coins?

Key date coins are specific coins within a series that are known for their low mintage or rarity. These coins are often the most sought after by collectors due to their scarcity and historical significance.

Why are key date coins valuable?

Key date coins are valuable because of their limited production, historical context, and high demand among collectors. Their rarity makes them more difficult to find, increasing their market value.

How can I identify key date coins?

Identifying key date coins involves researching the mintage numbers and historical background of a coin series. Coin guides, numismatic books, and online resources can help determine which dates are considered key.

What are some examples of key date coins?

Examples of key date coins include the 1909-S VDB Lincoln Cent, the 1916-D Mercury Dime, the 1932-D Washington Quarter, and the 1893-S Morgan Silver Dollar. Each of these coins is known for its low mintage and high demand.

Where can I buy key date coins?

Key date coins can be purchased from reputable coin dealers, online auction sites, coin shows, and through private sales. It's important to buy from trusted sources to ensure authenticity.

How should I store key date coins?

Store key date coins in a cool, dry place using protective holders such as coin capsules or slabs. Avoid touching the coins directly with your hands to prevent damage from oils and dirt.

What factors affect the value of key date coins?

The value of key date coins is affected by factors such as rarity, condition (grade), historical significance, and market demand. Coins in higher grades with fewer imperfections typically command higher prices.

Can key date coins be found in circulation?

While it is possible to find key date coins in circulation, it is extremely rare. Most key date coins have been removed from circulation by collectors over the years, making them difficult to find in everyday transactions.

Are key date coins a good investment?

Key date coins can be a good investment due to their rarity and potential for appreciation over time. However, like any investment, their value can fluctuate based on market conditions and collector interest.

How can I verify the authenticity of a key date coin?

To verify the authenticity of a key date coin, consider having it graded and authenticated by a reputable third-party grading service such as PCGS or NGC. These services provide professional evaluations and ensure the coin's legitimacy.