The Forgotten Lockbox is located in the Tavern in the Mists on the second floor. It only contains gold, 10g on average. It will also give experience points if the character is below level 90. The lockbox for a duration of time (Patch 5.0) could be looted multiple times on the same character; this was fixed, however, and now can only be looted once per character.
Does not appear to count toward Riches of Pandaria achievement.
The lockbox was moved a few yards over and onto a barrel in Patch 5.2: Rise of the Thunder King in order to make room for Wrathion, Anduin and other NPCs to sit/stand. Although everyone upstairs are now visiting the Timeless Isle in Patch 5.4: Siege of Orgrimmar, the table and chairs remain, so the lockbox has not been moved back.
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