diff --git a/packages/element/src/create-interpolate-element.js b/packages/element/src/create-interpolate-element.js
index 1f20bb32f38581..602025b36feb6e 100644
--- a/packages/element/src/create-interpolate-element.js
+++ b/packages/element/src/create-interpolate-element.js
@@ -1,7 +1,6 @@
 /**
  * Internal dependencies
  */
-import { getTokenCount, resetTokenCount } from './token-count';
 import { createElement, Fragment, isValidElement } from './react';
 
 /**
@@ -108,14 +107,19 @@ const getMatchFromString = (
 	return interpolatedString.match( regEx );
 };
 
+// index for keys
+// This is external to `recursiveCreateElement` and reset in
+// `createInterpolateElement` because of the recursion.
+let keyIndex = -1;
+
 /**
  * Used to recursively create elements from the interpolation string using the
  * conversion map.
  *
- * @param {string} potentialElement  The interpolation string (or fragment)
- *                                   being processed.
- * @param {Array[]}conversionMap     The interpolation map used for converting
- *                                   the string to a react element.
+ * @param {string}  potentialElement  The interpolation string (or fragment)
+ *                                    being processed.
+ * @param {Array[]} conversionMap     The interpolation map used for converting
+ *                                    the string to a react element.
  *
  * @return {Element|string|Array}  A react element, string or array.
  */
@@ -129,7 +133,6 @@ const recursiveCreateElement = ( potentialElement, conversionMap ) => {
 	}
 	const [ mapItem ] = conversionMap.slice( 0, 1 );
 	const [ searchString, conversionConfig ] = mapItem;
-	let keyIndex;
 
 	/**
 	 * This short circuits the process if the conversion map has an invalid config.
@@ -161,12 +164,12 @@ const recursiveCreateElement = ( potentialElement, conversionMap ) => {
 			// if value is a react element, then need to wrap in Fragment with a key
 			// to prevent key warnings.
 			if ( isValidElement( conversionConfig.value ) ) {
-				keyIndex = getTokenCount( 'key' );
+				keyIndex++;
 				return <Fragment key={ keyIndex }>{ conversionConfig.value }</Fragment>;
 			}
 			return conversionConfig.value;
 		}
-		keyIndex = getTokenCount( 'key' );
+		keyIndex++;
 		return getHasChildren( conversionConfig ) ?
 			createElement(
 				conversionConfig.tag,
@@ -218,14 +221,14 @@ const recursiveCreateElement = ( potentialElement, conversionMap ) => {
  * @return {Element}  A react element.
  */
 const createInterpolateElement = ( interpolatedString, conversionMap ) => {
-	resetTokenCount();
+	keyIndex = -1;
 	return createElement(
 		Fragment,
 		{},
 		recursiveCreateElement(
 			interpolatedString,
 			Object.entries( conversionMap )
-		)
+		),
 	);
 };
 
diff --git a/packages/element/src/test/create-interpolate-element.js b/packages/element/src/test/create-interpolate-element.js
index 73f3e506f6a1d8..58dcaa777ca724 100644
--- a/packages/element/src/test/create-interpolate-element.js
+++ b/packages/element/src/test/create-interpolate-element.js
@@ -47,7 +47,7 @@ describe( 'createInterpolateElement', () => {
 				'This is a string with ',
 				createElement(
 					'a',
-					{ href: 'https://github.com', className: 'some_class', key: 1 },
+					{ href: 'https://github.com', className: 'some_class', key: 0 },
 					'a link'
 				),
 				'.',
@@ -72,12 +72,12 @@ describe( 'createInterpolateElement', () => {
 				'This is a ',
 				createElement(
 					'a',
-					{ key: 1 },
+					{ key: 0 },
 					[
 						'string that is ',
 						createElement(
 							'em',
-							{ key: 2 },
+							{ key: 1 },
 							'linked'
 						),
 					]
@@ -121,7 +121,7 @@ describe( 'createInterpolateElement', () => {
 				'This is a string with a ',
 				createElement(
 					TestComponent,
-					{ key: 1 },
+					{ key: 0 },
 					'Custom Component'
 				),
 			]
@@ -145,7 +145,7 @@ describe( 'createInterpolateElement', () => {
 				'This is a string with a self closing custom component: ',
 				createElement(
 					TestComponent,
-					{ key: 1 }
+					{ key: 0 }
 				),
 			]
 		);
@@ -171,12 +171,12 @@ describe( 'createInterpolateElement', () => {
 				' value, with a ',
 				createElement(
 					'a',
-					{ key: 1 },
+					{ key: 0 },
 					[
 						'nested ',
 						createElement(
 							'em',
-							{ key: 2 },
+							{ key: 1 },
 							'value'
 						),
 						' link',
@@ -185,7 +185,7 @@ describe( 'createInterpolateElement', () => {
 				' and value: ',
 				createElement(
 					Fragment,
-					{ key: 3 },
+					{ key: 2 },
 					<TestComponent />,
 				),
 			]
diff --git a/packages/element/src/token-count.js b/packages/element/src/token-count.js
deleted file mode 100644
index d0c16ae941709c..00000000000000
--- a/packages/element/src/token-count.js
+++ /dev/null
@@ -1,25 +0,0 @@
-let tokenCount = {};
-
-const updateTokenCount = ( type ) => {
-	if ( typeof tokenCount[ type ] === 'undefined' ) {
-		tokenCount[ type ] = 0;
-	}
-	tokenCount[ type ]++;
-};
-
-const getTokenCount = ( type ) => {
-	if ( typeof tokenCount[ type ] === 'undefined' ) {
-		tokenCount[ type ] = 0;
-	}
-	updateTokenCount( type );
-	return tokenCount[ type ];
-};
-
-const resetTokenCount = () => {
-	tokenCount = {};
-};
-
-export {
-	getTokenCount,
-	resetTokenCount,
-};