This Namiki Portfolio has a latch closure. Does not come with a key. However, can still be opened by pulling the bottom of the latch down. Has some indents, quite a few scratches all over, and a lot of small orange spots inside. The front has a pull in the leather at the bottom right corner. I did not attempt to repair any damage on this item, so it will come as is. Please see pictures for overall condition of exactly what you will receive. Please contact me for any additional pictures and questions.