DISCONTINUED. This item has been replaced by item Schlage Co. M540-056
The cylinder cap removal tool however is one that is intended to significantly decrease the amount of time spent both removing and then placing back the threaded cap on to the rear of cylinders for knob, lever and deadbolt cylinders.
You do need to have a certain volume to justify the investment in the tool however. Having said that there's not a very high threshold of volume that you need to hit prior to making this tool a wise investment and if you have more than an occasional need to rekey cylinders that have the threaded cap compatible with the Schlage M504-056 Cylinder Cap Removal Tool you will quickly justify the cost, or rather investment, of the tool.