Horse Hanayama Puzzle

"Back in America’s wild west, horses were the sole mode of transportation. In those days, cowboys had to do whatever they could to keep their horses from being stolen. It’s said that one cowboy had the idea of rigging horseshoes up to work as a lock. So as the story goes, that was the starting point for this puzzle.

Don’t just use your head – you’ve got to wrangle with this one to solve it. The key word is 'horses'”.

-Nob Yoshigahara, 1984

Hanayama is known worldwide for challenging puzzles and quality manufacturing. Can you take the pieces apart, then put them back together again? Hanayama cast metal brain teasers have 6 levels of difficulty, and each puzzle is Mensa-rated. Level 2 puzzles are considered fairly easy by most puzzlers.