Irons have very high damage and accuracy and are suitable for virtually any situation. The fire rate cap on an Iron is a lot lower. However this is usually not a problem for most players.
Notable Variants
Borderlands 2
Greed - Uniqueincendiary revolver without a movement speed penalty for aiming down the sights.
Rex - UniqueSir Hammerlock revolver with increased damage, range and critical hit bonus. Reduced Fire rate.
Maggie - Legendary revolver that fires 6 projectiles per shot. Reduced damage per shot.
Unforgiven - Pearlescent revolver with increased damage and a possible +100% critical hit bonus. Reduced fire rate.
Borderlands: The Pre-Sequel
Ornery Iron – Unique (but common-quality) variant of this weapon as Nisha's starting weapon.
Cyber Eagle - Uniqueshock revolver that fires bolts of electricity. Increased accuracy.
Smasher - Unique revolver that fires 7 projectiles in a horizontal spread.
Luck Cannon - Legendary revolver with a fixed capacity of 1 and has a chance to deal explosive damage.
Maggie - Legendary revolver that fires 6 projectiles per shot.
Notes
The Iron only comes in green or higher rarity.
The Iron is obtained randomly from any suitable loot source.
Trivia
The Iron's flavor text is a reference to the Marty Robbins song, "Big Iron".