The flywheel key for Briggs is a special soft key. It is designed as a sheer pin. Get one from your small engine dealer or online. They are cheap but putting in a steel key can get expensive.
 
Same as the key on them today. DO NOT use the wrong type of key or it can/will break the crank shaft don't ask how I learned that. TSC Walmart etc. sell them in packs of 2
 
This picture from Ebay fits 99% of any Briggs I have worked on. For goodness sake DON'T use a steel key. In a real pinch you can use a chunk of a car wheel weight cut down or apiece of thick plumbing solder. One thing many people don't understand when you tighten that flywheel, Don't use any power tools. Use a socket and bar to tighten it. A power tool will partially sheer the key. Block things with a wood block. BTDT !!!
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Thanks guys. Found one in my tool box and figured out that it was nonferrous when the magnet wouldn't pick it up. Now I'm looking for a coil. One of the wires is broken off too close to splice.
 
Many time one can replace the old points type coil with a new electronic coil set up and do away with the points. BTDT a few times or I buy the electronic module that takes the place of points. I had one engine that the upper crank shaft bearing/seal was so bad it would not run as it should or long due to points not opening as they should and oil getting on them. Put a module on and worked well even though it smoked so bad you did not have to fog for skeeters. It was an engine on an old tiller I once had
 
Magnetron modules. They fixed more screwed up engines. Trouble is they only retrofit engines so far back. Lots of stuff from the mid 60s up. The small engines. I got to the point it was about 45 minutes to take the carb off the top of the tank, take a large fine tooth flat file and gently plain the matting surface of the tank and then preload and screw it together. The magnetron took a few more minutes. Ahhhh memories. Last of those i did was early 80s. Good gravey I just looked on Ebay and can't even find them anymore! All of the coils and ignitions are one piece. Here is the hardware store version they used to sell.
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While on the subject of the key, I had a mower that I tried everything to get it running and nothing worked. In desperation, I pulled the crankshaft and lo and behold the key was half sheared. Replaced the key and it started right up. Had no idea that changing the timing just a few degrees would make that kind of a difference in engine firing or not. I guess that translates to the gap of the flywheel magnet sensing ignition coil being as specified also....not a piece of grocery sack....unbolt the coil, let the flywheel magnet suck it up, bolt it back up, rotate the flywheel to get the paper out and be on your way!
 
Just watched a video on Utube where Teryl demonstrated the 3 ways to fix a briggs ignition - pretty slick putting a modern magnatron replacement (which are different looking than the older units) and mounting it backwards to skip sending the flywheel back to Briggs for repolarizing the magnets.... Wish I'd seen that before replacing the stock points coil on my 16hp single in my old Simplicity!
 

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