Gordon's Magic Iron

[Adrian]

What is it for? I've seen some people with it equipped

[MetaSeraphim]

It's to make 10% scrolls that give the effects of snowshoes and that El Nath cape on normal equips.

[SlayerZach]

In other words, 10% Shoes for Spikes (same effect as Snowshoes), and 10% Cape for Coldness (same effect as Red Bean Porridge and Cape of Coldness).