This padlock went for $292.89 (Plus $6.99 Shipping).
Here is a Katz pad Lock N M & L co.. No combination or key. Ha some dirt and marks on it.
[And added later]
Q: Yes, it is a combination lock for your information. In the Padlock Collector Book by Franklin Arnell it is valued at $240.00 Dec-12-08
Q: Is this a combo lock? Does that dial turn? Tell me what you can about the mechanism. Dec-08-08
A: I am not sure how it works.Has a patent date of 1907 - eBay