Clearly, not a toy.
This listing is for a an interesting set of hand cuffs.
I can't really decide if they are the real thing or a toy, as they appear to have a release latch that I just can't imagine being functional on the real thing, but at any rate.....
They are made by Walden Tool Company, Boston, Mass and call themselves the WALDENLOCK HANDCUFF PAT. APL'D FOR
I do NOT have the key, tho one side opens & closes with the latch thingy. - eBay (11 Sept 2009)
This set of handcuffs had a high bid of $415 (Plus $10.95 Shipping).