Gematic
This is a user rekeyable lock. Each one would have 8 possible keys, and a master change key to switch between them.
Even if you lost 4 of these keys, as long as you retain the master change key they can be recut without taking the lock apart. Pretty cool
Now, as for how this works, there is always a dead pin in position 1, and there is a master ring operated by the master change key. It is the darker of the two rings on holding the key pins. This ring turns independantly of the post, and so only the operating key turning the whole assembly opens the lock.
The lower disk is the portion that's makes up the depths of the second shearline, and it has no through chamber in position 1, so this pin is always inactive. The width of this second disk would be the depth increase in all positions of any operating key except for the first position.
And that gentlemen, is where this locks operation escaped me. I had this idea in my head about how I know Stephen Hampton said you could lock out individual employees and using your master key to do so. How, how, ahhhhh! It's so obvious now that I have it apart in my hand I'm embarassed. You lock them out before their shift by changing the operating biting to the next shifts bitting.
You might not ever see one of these old beauties, and if not, then I hope you at least found this interesting.
-Tooly