Spalding waterfall backspin irons were produced primarily in 1920 and 1921 under a patent issued in 1919 to William F. Reach. They were designed to add backspin to the golfers shots, be it a traditional strike or a cut sot.
This example is stamped "Spalding Kro-Flite, Tom Kerrigan Special," etc. The small April 20, 1920, patent date also on the back of the head is not all there. The club has been reshafted at some point in its history, but the current shaft and leather-wrap grip are typical of what was originally in a 1920 Spalding iron.