The original name of Iron City was Brooklyn. When the town was incorporated on December 20, 1900, its name was changed because much of the town's mail was sent to Brooklet, Georgia. According to the Seminole County Historical Society, it is believed that the name "Iron City" came about when a new well was being dug and hit a spot of iron ore. The citizens of Iron City thought that the discovery would bring great wealth to the people of the town.