Note: I am still using 3.0, so this might need some revision to help some of you. (If you even like it!)
Cold Iron Weapon
After the invention of steel, iron weapons were largely abandoned. Only thier cheapness, and utility against certain creatures, keep smiths producing them. Iron weapons cost 75% that of their steel counterparts, but their hardness and hit points are reduced by the same factor. Because iron does not hold an edge as well as steel, all non-bludgeoning iron weapons have their damage die type reduced by one type (ie, 1d6 is reduced to 1d4; 1d8 is reduced to 1d6). Thus, most current iron weapons are bludgeoning types, such as maces. Enchanted blades from before the discovery of steel may be iron, however, or even bronze.
On a natural 1, an iron weapon must make a Strength check DC 10 + maximum damage by die type. There is a +2 circumstance bonus to this check if the weapon is bladed, and a -2 penalty if the weapon is bludgeoning. If the weapon is of masterwork quality, the DC increases by 1. If it is enchanted, the DC increases by 1 for every point of enchantment bonus or enchantment bonus equivilent.
If the check succeeds, the weapon is damaged. Damaged weapons have a -1 circumstance penalty to hit and damage until repaired. The DC for repairs is equal to the DC of the Strength check that damaged the weapon. If the Strength check succeeds by 5 or more, the weapon is destroyed, and cannot be used unless it is reforged.
The term "cold iron" refers to any iron that is not hot; ie, not currently being heated in a forge.
Note: Assume that the example hardness for iron in the PHB (p. 136) should actually apply to steel, as it is used in the longsword description. The actual hardness of iron is therefore 8 (10 x .75 = 7.5, rounded up to 8).
Example: An iron longsword costs 11 gp, 2 sp, 5 cp (15 x .75 = 11.25), but a weaponsmith would probably ask for 12 gp and settle for 11 gp, just for ease of bookkeeping. It has a hardness of 8 and 4 hp (5 x .75 = 3.75, rounded up to 4). It does 1d6 base damage on a successful hit.
Sir Eldric is weilding a cold iron longsword when he rolls a 1 on his attack roll. His Strength is 16, giving a modifier of +3. He must roll a Strength check against DC 16 (10 + 6 for the 1d6 base damage). The longsword is bladed, so he gains a +2 circumstance bonus to this check. If he rolls an 11 or better (11 + 3 for Strength +2 circumstance bonus), the weapon is damaged. If he rolls a 16 or better, the weapon is destroyed. He rolls a 17, destroying the weapon.
On his next action, Sir Eldric drops the hilt shards of his sword quick-draws a cold iron light mace with a +1 enchantment and the ghost touch ability. This weapon has a base damage of 1d4 if he hits. Once again, though, he attacks and rolls a 1.
The base Strength check to damage this weapon is DC 14 (10 + 4 for the 1d4 damage), but it has a +1 enchantment and the ghost touch ability, raising the DC to 16 (+1 enchantment, +1 enchantment equivilent for ghost touch). Sir Eldric has a +1 modifier to this check (+3 for Strength, -2 because the mace is a bludgeoning weapon). He rolls a 15 -- enough to damage the weapon, but not enough to destroy it (the iron handle bent a little). He now suffers a -1 to hit and -1 damage with the weapon. He continues the fight, and manages to defeat his foe.
He now needs to have the mace repaired, so he visits a weaponsmith. The craft (weaponsmithing) DC of the task is 16. The smith turns the work over to an apprentice, who can easily Take 20 and complete the task.
Daniel