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I'd figured out that one ball screws off but that revelation didn't get me very far. Perhaps it's indicative of how long I've been in San Francisco, but a keychain was pretty much the last thing I thought this could have been.
Of course people buy solid silver keychains that cost $100! What else would you use to hold the keys to the new audi that you are giving your daughter on her sweet sixteen?
Folsom Street Fair is coming up in a few months. I recommend bringing the mystery object along and maybe doing some in-situ size & orientation checks (with permission, natch).
I had a parent give me one of those tiffany keyrings for a holiday gift when I taught at a spendy private school. It was odd, at best, to see a little blue box on my desk. I'd never gotten anything that fancy from anyone before, I don't think.