This is an original steel Hamburg 8 Handcuff from Berlin. Keyser & Co. of Berlin manufactured this restraint during the first three decades of the 1900s.
Popular with both military as well as escape artists and vaudeville acts, these were available gimmicked from the factory for stage acts. This is a factory gimmicked set available for $308 Buy It Now.
Here it is fully opened. You can see how closing first the right side then the left side will lock via the spring loaded catch on the central post. The key works by pressing this catch in so that the cuffs can open.
Above, a modern KUB model of the Hamburg 8. You can see this has excellent fit and finish.
These are available for $199.95 or best offer, and other KUB examples have sold for anywhere from $150-300. Meanwhile, Handcuff Warehouse has both gimmicked and standard KUB examples for $61 with 2 keys in stock now.
Below, an unmarked Hamburg 8 handcuff with original key, current bid $105.50 with 28 bids.
UPDATE: these SOLD for $162.37 after 30 bids.
Below, standard locked position. 
Below, opening up. Note the cutout notch visible on the round lock body.
Below, closed and folded. In this position, the cuffs can be freely opened and closed, as the spring loaded catch is aligned with cutouts in the round lock body layers. Obviously if they were worn, folding them double like this wouldn't be possible.
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