Abstract: An improved variable speed pulley for adjusting the drive ratio between two shafts interconnected through two pulleys and a V-belt. The variable speed pulley has a hub which is attached through to one shaft with a collet. A number of keys of generally square cross sections with two opposed chamfered corners are located at each end of the hub in V-shaped axially directed keyways spaced around the periphery of the hub and in correspondingly spaced V-shaped keyways around interior openings through each of two sheave halves to permit axial movement of the sheave halves on the hub. Bushings retain the four keys within each sheave half. The bushings and the keys are of a compliant material to prevent fretting corrosion. The keys engage the bushings to prevent the bushings from rotating with respect to the sheave half and hub. A helical spring located within a spring housing is compressed between each sheave half and an adjacent one of two retainer rings located in grooves near each end of the hub.