I can't speak to the condition of that one, but they've been around for years and work fine. I have one on one of my trailers, wouldn't think of replacing it. The only real upgrade for it is a cast coupler IMHO, which is severe overkill for our trailers.
Some one told me the little hole on the bottom left of the bottom photo is the locking point that secures the trailer to the ball for towing and can discourage thieves.
You were told correctly.
However, that bottom photo looks like the mechanism has been jammed backward. It should not be able to open that far with a padlock in the hole as shown. It looks to me like that padlock's shank is too small and too loose in that hole. Ideally, the shank should have a large enough diameter to fill the hole completely.
Jared is right; try locking it after the coupler is closed on a hitch ball.
__________________ Frederick - The Scaleman
1978 Fiber Stream 16 named "Eggstasy" & 1971 Compact Jr. named "Boomerang"
To the guys that had their hitches replaced, did you have actual trouble like slop in the hitch or being able to open it while locked, or just didn't like the looks of it?
Don't get me wrong, I'm not putting you down for changing it, I chopped the entire hitch off my scamp because I believe a "fifth wheel" should actually be a fifth wheel. I'm just curious since I have the same hitch on another trailer. Mine is nice and tight though.
I replaced mine becasue it wouldn't grab the ball tightly and I didn't like that it didn't have any provision for locking it when hitched. Plus the fact that it is 40+ years old.
If originality was more important that security, I may have tried to get some less worn parts, but replacing it was a slam dunk when I had reinforcing bars added to the bottom edge of the frame. Added about $20+ parts to the welding bill.
In addition, you don't know how much frame rust is under that puppy until you take it off.
Raz/s coupler looks a bit different that the OP's in post #1.
That hole behind the latch pivot point seems to be a place to lock it in the closed position, something not on the other one.
But still, if you look you will see that there is no provision for tightening the coupler to compensate for wear in the coupler or hitch ball.
While I could also lift the TV with the tongue jack, if you stood on the back bumper of the trailer and jumped up and down, the hitch coupler would also bounce up and down on the ball. Not a good thing...