Maxwell-hosel irons are characterized a pattern of holes drilled into the hosel. The idea was simply that of moving some of the weight out of the hosel and into the blade.

Maxwell irons had issues, however.  If the wood exposed in the hosel became wet, the shafts were liable to rot, though efforts were occasionally made to prevent such deterioration.

This "Baxpin Mashie" is a fine original example of a Maxwell iron. The lined and dotted face is unusal in itself, giving the club an extra-stylish look.  It also still has its original leather-wrapped grip and 37 1/4" shaft (stamped with the initials "J.M.").  TCA2 V2 p451 presents an iron with a Maxwell-style hosel and provides more historical information.