The holy grail of padlocks is here, an antique padlock clasp with a working key to open it. The key slots in perfectly to the antique lock and turns once to release the clasp, you do need to give it a little pull but the padlock then comes free easily. 
 
Clearly a sentimental piece the padlock has the initials A.R. carefully engraved to the reverse with vines of leaves swirling around them.