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All good information.  Thanks all.  I guess I never really thought about a key being an SPST switch, but it makes sense.  It definately makes me rethink how much money I'm willing to spend!

 

Browsing ebay found this item:

LIONEL J-38 MORSE CODE TELEGRAPH KEY SIGNAL CORPS J38 - eBay (item 360176626949 end time Aug-09-09 19:19:09 PDT)

 

What do you guys think?