After spending the day fending off media probing over the resignation of Richard Worth from government ministerial duties, Mr Key joined his deputy Bill English to launch the latest political puppets at the Backbencher Pub in Wellington.
The pub across the road from Parliament is famed for its collection of caricatures and is a regular haunt of politicians and those involved in Parliament.
The latest pairing of Mr Key depicts him as the "Blue Baron" complete with machine gun armed biplane.
Mr English is depicted as a teddy-bearish looking Snoopy, cheerfully hanging on to the wing.
Mr Key found the scene amusing.
"I have always thought about Bill being cute and cuddly, but that is sort of going from the sublime to the ridiculous."
He recalled his last puppet at the pub had "magnificent thighs... but now I have got a gun."
Mr Key used the equivalent of a political gun earlier in the day in announcing the effective sacking of Dr Worth, and joked he could have done with a drink himself.
"The day I had today, it's a shame the pub wasn't open at 8am, I might have given a better speech."
He was also full of camaraderie towards his finance minister after last week's bleak budget.
"Bill, all I can say mate --- I didn't realise you had such blue eyes. I just want you know that there will always be a place in my plane for you, buddy."
Mr English recalled the last puppet launch the pair had attended.
"It just shows how much John has changed, when we launched the Batman and Robin (puppets), he was the only one who gave a speech... because as he said people come to watch Batman not Robin."
He said in that respect not much had changed as everyone wanted to follow the Blue Baron and not a cuddly teddy bear.
Mr English also referred to jibes that the pair seemed to be at odds with each other over policy and that the Backbencher was frequented by politicians who conspired against their leaders.
"The only other thing John wanted me to say, and I always say want John wants me to say... is he wants to know which politicians were leaning on the bar today."
Maori Party co-leader Pita Sharples was portrayed as rowing a waka, though he noted that the machine gun on Mr Key's plane was aimed directly at his boat.
ACT leader Rodney Hide, who was fashionably late, looked at first to be surprised by his caricature which portrayed him as a puppet with Sir Roger Douglas pulling his strings.
However he quickly recovered and said he had always found it difficult to think of things to say and do in Parliament, but had found Sir Roger had plenty of advice to give and that hadn't changed in 20 years.
