Especially as it's key 1. Or could be slightly bent, from being kept in a pocket. I did that to the house key. Didn't take much off straight for it not to play :(
They are fold in fob type so are pretty protected but you are likely right as it is 24yrs old. Lucky really as I only had key2 originally but the PO turned up one day had found key1 with working fob, but if I plug receiver in she starts having hissy fits
 
keys and locks can wear to each other, try using a 'new' key in and old lock and you can sometimes have difficulty.
as for syncing, on mine I had to turn the key and keep the button pressed until the LED stopped flashing
 

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