Abstract: A combination programmable key for storing encrypted data and a receptacle system for reading and programming the programmable key. The programmable key uses a memory storage unit which may be programmed and reprogrammed to store the encrypted data. A receptacle system is used for reading and programming the memory storage unit. The receptacle system has a front plate having a centrally located aperture through which the programmable key is inserted when the receptacle system is to read and/or program the programmable key. A terminal block is coupled to the front plate. The terminal block houses a plurality of contact terminals which are used for contacting the memory storage unit of the programmable key in order to allow a programming device coupled to the receptacle system to read and program the memory storage unit.