They aren't like keys in the SSL sense of the term.
The private key is to authenticate the domain requesting the captcha with the servers. (i.e you're proving to google you're who you say you are by sending them the token you were handed by them when you registered.)
The public key is to authenticate the user who got the captcha with the servers.
i.e.
'Private' comms are your site <-> google
'Public' comms are your user <-> google (via you.)
I think the terminology is somewhat unfortunate in this respect.
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PJH