Just make sure that wherever you hide it will be protected from water. A steel key will rust and if you don't use it for a couple of years, it might be corroded when you do need it.and I asked for a steal copy to hide on my ST even though I carry spare keys in my pocket and at home.
However, many steel colored keys are actually a nickel silver - essentially a brass, c. 60% copper, 20 nickel and balance zinc - and this does not rust. There are really not a lot of steel keys out there - check with a magnet. Steel is too hard on the key cutting wheel....
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