This is a very interesting padlock. I have never seen one like it before. The price qualifies this for being 'rare.'
You are bidding on an authentic Linus Yale Pin Tumbler pad-lock patented in 1857. Linus Yale was an American inventor and manufacturer of locks. His most famous invention was the re-design of the ancient Egyptian wooden lock with pins and now one of the most popular lock designs worldwide. Linus Yale opened a lock shop in the early 1840s in Newport, New York, specializing in bank locks.
This is truly very rare and hard to find. Very collectible. One is on display at the Connecticut museum of locks. If you notice the above picture 2 & 3, when the patent number was stamped, the last number looks like an error and was over stamped with a 7. This makes this lock very collectible. Pictures 4 shows the design and 5 the patent. - eBay (6 Jan 2012)
This padlock had a 'Buy-it-Now' price of $800 (Plus $15 Shipping).