This is the item needed to tame a Tin Lizzard . It has a small chance of breaking when used. It has a very rare chance that the key does not break but the lizzard does. Since the item is very hard to loot and thus considered very rare, it is priced high.
You wind up the tin lizzard.
Tin lizzard broken: Krr... kch.
The tin lizzard broke apart.