The Iron is an Ironkind weapon, and as such, will either slot into your Ironkind Strife Specibus or create a new one. Attempting to equip the Iron when the Strife Specibus has four other specibi will result in the Iron being captchalogued.
The Iron does 1 damage and can attack 2 times a second.
The Iron can be alchemized using a carved totem made from a Punched Iron. In the House Creator, it can be found in the Explore Atheneum tab in Build Mode. It will also naturally be found in the following maps: