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A tubular lock is a variation of a pin tumbler lock, where the pins are arranged in a circle facing the front of the lock and are operated by a tubular key. It was once referred to as an ACE lock, with ACE being a trademark of the Chicago Lock Company, but the generic term tubular lock is far more common these days.
To me, these are less secure than household pin and tumbler locks, due to the ease of creating a new key. There are of course ways of impressioning a key blank on a standard pin-tumbler lock, but take much more effort than the tubular lock pick does.