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 more than 6 years before the USGA ruled that steel shafts conformed to the rules of golf.

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.

Spalding offered Lard's perforated steel shaft clubs in its 1918 and 1919 catalogs. The company 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.

Complete with its original leather wrap grip, this 37 1/4" Spalding Gold Medal mashie niblick is a great example in all respects. It even has some of its original whipping atop the hosel.  The fact that it is a Lard-shafted "Dedstop" backspin iron, however, makes it even batter.  

This club is easily recognized in the accompanying group image.