Padlock with fully integrated dual locking system

A padlock, comprising:

• a lock housing;
• a shackle comprising a toe and a heel, wherein at least the heel of the shackle is retained within the lock housing, and the shackle is positionable between an closed position in which the toe is at least partially surrounded by the lock housing and an open position in which the toe is spaced away from the lock housing;
• a latch positioned within the lock housing and configured to retain the shackle in the closed position;
• a combination locking mechanism operatively connected to the latch, and operable between a locked configuration and an unlocked configuration;
• and
• a key locking mechanism operatively connected to the latch, and operable between a locked orientation and an unlocked orientation;
• wherein the combination locking mechanism is configured to release the latch from the shackle when in the unlocked configuration;
• wherein the key locking mechanism is configured to release the latch from the shackle when in the unlocked orientation;
• and
• wherein when the latch is released from the shackle, the shackle is positionable to the open position.