So, regular iron is highly susceptible to oxidation. It is a very reactive metal. And it's not particularly hard. Copper tip plus relatively soft plating = soft tip. Soldering iron tips are not particularly malleable. Unless they're by Radio Shack.
Cast iron is hard and resists oxidation and scratching. But unlike stainless steel, it has a high thermal conductivity.... and it will hold solder. Unless you leave it bare for a few days.... Hmmm..? Maybe at some point pure iron was commonly plated onto a copper tip...
Well, pure iron doesn't exist, for all intents and purposes. There are laboratory examples that are ~99.99% pure, and it is softer than lead; it can be cut with a knife. It doesn't take much carbon to drastically increase its hardness though.
I just skimmed through the Metcal article that Someone linked to above, and it is bizarre. For starters:
A tip typically consists of a solid copper core, a plated layer of iron, a plated layer of nickel behind the
working surface, and a plated chrome layer. Copper is used for the core primarily to ensure good heat
transfer. The nickel layer is a non-wetting layer designed to keep the solder from wicking away from the
tip's working surface. Without this layer, the solder would travel preferentially up the tip toward the heat
source, making it impossible to apply solder to the solder joint. The chrome layer is applied as an
additional protective layer.
We know that can't be technically accurate, because they can't simply be using iron, because it effectively doesn't exist; it has to be an iron alloy (steel) of some sort. Also, the Metcal tips use the Curie point for temperature regulation, which is determined by the type of alloy they use, but it's the heater that's made of that alloy, and I have no idea what that alloy is (I assume it is copper-based though). I wonder if the heater is integral with the tip:
It would make sense for the heater and "copper" core of the tip to be one piece, as that would give the best thermal response and thermal regulation, and Metcals excel in both areas.
I also find it strange that nickel is a non-wetting material while chrome is a wetting material. I would expect both of them to be non-wetting under typical circumstances. The chromium content of stainless steel is the reason it is pretty much a non-wetting material. The chrome very quickly forms a passivation layer of chromium oxide (i.e., oxidation, the enemy of soldering), which is what protects stainless steel from further corrosion (rust in this case). So how does solder wet to a chrome-plated tip, given chrome's rapidly-forming, tough, and tenacious passivation layer?
But the most bizarre part of the article is how they talk about iron's wetting characteristics. For example, in the section called "Why Iron Plating?", it says:
Must Be Wettable
The working surface of the tip must wet to transfer molten solder to the joint and to aid heat transfer. Iron
wets. Molybdenum doesn't.
And in another section:
Dewetting is the most common form of plating failure and is preventable, for the most part, with good
daily tip care. Thermal dewetting is caused by oxidation of the iron plating to iron oxide. Iron oxide is
non-wetting.
But how is that relevant to a tip that's chrome-plated? The solder will never contact the iron plating beneath it, so what do the wetting characteristics of iron have to do with anything? The iron plating can't even oxidize in the first place as long as the chrome plating is intact, because the chrome plating prevents oxygen from contacting the iron plating.
I wonder if the chrome plating is thin "decorative chrome" (thickness measured in the millionths of an inch) or thick "industrial hard chrome" (thickness measured in the thousandths of an inch). Industrial hard chrome is tough as a bag of badgers; it is what they plate e.g., hydraulic cylinders on big earth-moving machinery with, for example. It is also what they commonly plate the barrel bores of military rifles with, such as the M16 and AK-47. In my experience, the Metcal tips never fail, nor do they even need to be tinned when you're done with them. When a Metcal tip cartridge fails, it is always a heater failure, so it wouldn't surprise me if the plating is industrial hard chrome, and it wouldn't surprise me if the iron "plating" is a jacket rather than actual plating, like the copper jacket on a lead bullet.
It's funny that Metcal wrote such a lengthy article called "Extending Soldering Iron Tip Life", when their tip plating never fails to begin with, even if you don't keep it tinned (still speaking in the context of my own experience).