Lard shafts are exceptionally visual collectibles with hundreds of holes hand-drilled in a six-sided steel shaft.  Because they were one of the earliest steel shafts commercially produced, Lard-shafted clubs are also quite historic. Spalding sold these clubs 8 years before the USGA ruled that steel shafts conformed to the rules of golf. Complete with its original leather wrap grip, this 38 1/2" Spalding gold medal iron is a strong example in all respects. It still has its original filament wound ferrule at the top of the hosel and dirt on its face from the last time it was used.  

The perforated shaft was covered under two patents issued in 1916 and 1917 to Allan Lard, but the back of this head is marked with January 12, 1914, and August 29, 1916, patent dates. The 1914 patent date has nothing to do with Lard.  Lard's perforated shaft irons were covered under his second US patent which was issued August 29, 1916. However, Lard's third US patent, dated March 6, 1917 provides the only patent illustration that matches the shaft as produced. But rather than get into great detail regarding the shaft, this 3rd patent describes how to attach a perforated handle to the perforated shaft.

This club is marked  "J.B. Simpson, Maker", the professional/clubmaker who sold this club.  Spalding offered this club in its 1918 and 1919 catalogs. Spalding promoted Lard's metal shafts as a substitute for the best hickory shafts, which were in short supply. Drilling out the metal to create the hundreds of holes in the shaft was necessary to bring the shaft to a decent weight. Ironically, with top-quality hickory shafts in short supply, a shortage of steel during World War 1 interrupted the production of Lard's steel shaft.

For more, see TCA2 Vol 2, p 658-659