written by James Obler
Every coin collector becomes familiar with the concept of Key Date coins. The key dates are the specific issues within a particular coin series that are the most difficult to find and also the most expensive to purchase. Those dates are often (but not always) the coins with the lowest mintage numbers. This makes sense because when the original production quantity is low the number of surviving pieces will also tend to be low. If few coins survive then collectors must compete for a limited number of available examples. For most collectors, the key dates will be the last ones needed to complete their sets. Due to the high cost for many keys, more often than not those sets are never completed. Every coin dealer has had the experience of examining albums of coins that are offered for sale by former collectors or heirs of collectors. It is a rare occurrence for those albums to include the key dates.
Each coin series has its own key dates. The most popular collector series among US coins has to be the Lincoln cent, first issued in 1909. This was the first American circulating coin to feature the image of a President, in this case the revered Abraham Lincoln. The coin was (and is) immensely popular. For collectors, the undisputed key to this set is the 1909-S cent with designer initials V.D.B. on the reverse. This coin has the lowest mintage of the series: just 484,000 were struck. However, as the first year of issue many were kept as souvenirs and many more were snatched up by collectors. The survival rate for all 1909-dated Lincoln cents is therefore relatively high. As of June, 2026, the PCGS population report shows that over 23,000 examples of the 1909-S VDB have been certified in all grades. Add in the thousands certified by competing grading services NGC, ICG, and ANACS (plus all the examples that have never been certified!) and you can see that this date really isn’t all that scarce. If you are looking for an S-VDB you can easily find one. Based on current pricing as of July, 2026, you should be prepared to spend a minimum of about $700 for a presentable, well-worn example that grades Good.
For comparison, consider another Lincoln cent, the semi-key 1914-D. PCGS has certified under 9,000 examples in all grades, despite the higher mintage of 1,193,000 pieces. It is likely the survival rate for this coin is much lower than that for the 1909-S VDB. If you are looking for both of these coins, chances are the ’14-D will be harder to find.
Among Indian Head cents the 1909-S has the lowest mintage: 309,000. However, the 1877 (852,500 minted) is considered the key date. About 5,800 of the 1877 cents have been graded by PCGS, while about 6,500 of the ’09-S Indians have been certified. It appears that the 1877 had a lower survival rate and consequently is priced higher in all grades.
If you ignore the error and overdate issues, the key date for Buffalo nickels in low grade is the 1913-S Variety 2 (mintage 1,209,000). It currently lists for $225 in Good-4. The 1926-S (mintage 970,000) is valued at only $40 in this grade. However, in VF-35 and higher grades the price of the ’26-S overtakes the 1913-S. In MS-63 the 1913-S lists for $1,650 while the 1926-S climbs to $11,500! The population report shows 457 of the ’13-S in MS-63 but only 115 of the ’26-S in that grade. This is a case of “condition rarity”, where one coin is scarcer in high grade, despite a similar original mintage. Collector demand is what pushes up the 1926-S price.
Winged Liberty Head (“Mercury”) dimes have one obvious key date. For generations collectors have sought the 1916-D Mercury dime. With just 264,000 pieces struck, it is by far the lowest-mintage date of the series. This issue was heavily circulated and many surviving examples are very worn. Collectors should expect to pay $1,000 or more for a coin grading just Good-4; if you want an uncirculated example it will be difficult to locate one priced below $10,000. This coin has been widely counterfeited so unless you are very familiar with this issue you should only consider purchasing a certified coin.
Silver Washington quarters have a typical key date situation, with the 1932-D and 1932-S having by far the lowest mintages (436,800 and 408,000 respectively). Prices are similar in lower grades, with the ’32-D having a slight edge. The differences increase at higher grades; in MS-65 the 1932-D lists for $6,750, while the estimate for the ’32-S is $2,850. The MS-65 population for the ’32-S is twice that of the ’32-D which helps explain its lower price.
Walking Liberty half dollars are another series that is very popular with collectors. The 1921-D Walker has the lowest mintage (208,000) and is indeed the low-grade key. However, in MS-65 grade the 1919-D takes top honors; MS-65 list prices for the 1921-D and 1919-D are $52,500 and $180,000, respectively. The PCGS population report confirms that 1919-D has the lowest high-grade population in the series and is therefore the high-grade key.
Among Morgan dollars the undisputed key is the 1893-S. Not counting the 1895 (which is a proof-only issue) the 1893-S mintage is lowest in the series at 100,000. The next lowest-mintage date is the 1894, with 110,000 made. Despite its similar mintage, prices for the 1894 are much lower than those for the ’93-S, in all grades. That difference becomes amazing in higher grades. According to PCGS the ’94 is valued at $6,500 in MS-63 condition, while the 1893-S in the same grade is $450,000!
There are many Morgan dollar issues that aren’t really key or semi-key dates, at least in lower circulated grades. Some of these however exhibit extreme condition rarity, being priced like common dates in worn condition, but drastically more expensive in uncirculated grades. The 1884-S is a prime example. This coin currently lists for $92 in Fine-12, which is the same price as the most common dates in the series. However, in MS-62 the value jumps to $21,500. The 1901 is another example, priced at $92 in F-12 while an MS-62 lists at $8,000. The 1892-S presents an even more extreme case: it will cost about $150 in F-12, but an MS-62 lists at $77,500! The population reports help identify which dates are scarce in high grades but otherwise don’t explain these huge price spreads between circulated and uncirculated examples. Morgan dollars are very popular and wealthy collectors aggressively compete for choice examples of the tough dates. High demand for the scarce higher-grade coins is what drives these impressive price tags.
For collectors who attempt to complete date and mintmark sets of American coins, key dates will always be a challenge. Prices for many keys are very high and the general trend for collector coin prices is that they always go up. Therefore, it’s probably good advice to buy the key dates you need as soon as you can afford them. They are certainly costly now; it’s likely that they will cost even more in the future.