My locksmith said I should have known since the key was grey.

Thanks everyone. I am new to Volvos so it appears this was a rookie mistake on my part.
FixX was right, It appears that my key is a valet key. I had never heard of such a thing.
I wish they guy I bought it from would have told me. He had to know.

Just bought this car for my daughter, came with one key and one fob. After much searching I realize that going to the dealer and paying $350 ish for a spare set is pretty much where I am at. But....I found that the single key that I have won't insert into the trunk or the glove box locks. So... my q...