Actually, first of all, the Jira will not allow you to create a project with the same key as it is already available within the database.
The second one is it will impact while issue creates, update and search.
If jira will allow you to create/share the same issue key then while creating a new ticket in Jira, how jira will know in which project this issue has to create as the issue key is same for both the project so same thing happen while updating and searching the issue.
Let me know your thoughts on this.
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