A lock operated by a corresponding key. The lock has a housing, and a keyway is formed in the housing along a keyway axis for receiving the corresponding key therein. A latch is moveable with respect to the housing between a first position, wherein the lock is secured, and a second position, wherein the lock is not secured. A permutation surface is formed on the latch, and a plurality of intermediaries are disposed within the housing. Each intermediary has a first portion engageable with the permutation surface of the latch and a second portion engageable with the corresponding key, wherein insertion of the corresponding key into the keyway selectively engages the intermediaries with the permutation surface in a predetermined sequence, thereby moving the latch from the first position to the second position.