A key date is a coin from a specific year and mint that has a notably lower mintage or higher rarity compared to other dates in the series. Key dates are the most sought-after and valuable coins in any series.
Examples
### Morgan Silver Dollars
- 1893-S: ~100,000 minted — the undisputed king of Morgan key dates
- 1889-CC: Carson City mintage of 350,000
- 1895 Proof: No business strikes known — proof only
- 1907 High Relief: The original design as Saint-Gaudens intended it
- 1927-D: Only 180,000 minted
- 1933: Legally, only one can be privately owned (sold for $18.9 million in 2021)
Key Date vs. Common Date
Common dates trade near bullion value in lower grades. Key dates can command premiums of 10x to 1,000x above melt value depending on rarity and condition.
Investment Perspective
Key date coins offer the highest potential returns in numismatics but also carry the highest premiums and require the most expertise to evaluate.