This lock was designed for hotels and similar facilities. It uses a plastic card with a series of holes punched in it, or more accurately 2 cards – one that the hotel uses to set the combination to the lock, and the second card which is given out to whomever rents the room. This allows the hotel to quickly and easily rekey the lock after they lose a key, or whenever they feel like rekeying the lock. There is also a mechanical override cylinder mounted below the lever handle(I don’t have one, so no photos of it but it is a 7 pin cylinder with security pins.) The lock body is made of mostly plastic, and there are 32 pin stacks that interact with the keys, as well as 2 more(that only interact with the hotel key) that keep someone from just inserting a blank card into the lock when there is no hotel key in the back to open the lock. The pin stacks have ball bearings at the very top that interact with the rent keys, allowing smoother operation as well as less wear on the lock. The lock interacts with the door hardware by pushing slightly back when the proper key is inserted, this move a small brass piece into position on the spindle which in turn allows the latch to be retracted, the handle will turn with the improper(or no) key, but the latch will not retract. All 32 pin stacks must be at shear for t he lock to open, which means the rent key has to push down all the pins that the hotels key lets through. The rent key must also have holes where the hotel key doesn’t, so that the pins it does push down will go down all the way.
Photos here: http://sfi72.com/locks/Vingcard/1050/

