@BBE: GREAT, RARE find!! Someday I hope to start hunting estate sales, etc., also for rare stuff like this. Was this an active or defunct hardware store or locksmith shop?
The #47 was most assuredly not Master’s first corrugated-keyed lock. One of, if not the first model(s) with corrugated keys was the #300 “Gem” no later than about 1927 I believe. There are several corrugated-keyed warded models listed in the October 1931 The Master Padlock magazine.
I did not know either that there were nickel-plated brass keys made. As I mentioned earlier, I have a couple of 1930s-'40s #3 padlocks and a walking-lion #77 of similar vintage, all N.O.S. in box, with (apparently) brass keys (not nickel plated, though), making the nickel-silver vs. brass situation a bit murky, so this find adds to the mix. The #400 keys are not the earliest style for that model; this style may have been introduced in the early 1930s (the 1931 magazine shows an earlier style).
May I ask what models the N.O.S. padlocks you found are? The rare boxes of key blanks (especially the earlier ones in the middle row) are items that I’d be very interested in acquiring if possible, and possibly one or more of the padlocks as well depending on what they are.
I hope to post another couple replies to this thread later today that I’ve been meaning to get done and posted for a number of days now, one of which will include photos of some 1920s-'30s warded Master locks.
Zachary.