There is a key to lock it closed, and the same key will lock it either on or off. In keeping with a Victorian Bell/Butler Board but not near it in the house.
I guess it must be some kind of isolator switch, but I know nothing of its history.
Agreed, but without seeing the rest (back mostly) hard to say exactly what it does.
If it’s part of the butler bell, how many rooms were on it? It may have been a switch to make it go to all rooms in on position and only selected rooms in another. Just guessing here.
Both switches would turn off/on at the same time. If one was a door bell and the other the butler bell, this switch would make them both ring at the same time.