I just came across your post as I was looking for a replacement time clock for a customer.

I am a banking tech and work on this stuff everyday.

What you are looking at is indeed a time clock.

All vaults have three of them. At night when the bank closes they winde all three of them up to what ever the hours the bank will be closed.

When they are wound there is no way to get the vault open till at least one of them winds down and releases the latch.

That is the reason there are three of them incase one or two fail.

I actually just pulled one out today that has been installed since 1998.

I have seen some dating back to the 40's and still working.

Most are repairable.

I am actually holding in my hand the same clock you posted.

I'm happy to answer any questions you might have.