Here are two parts of the wrought iron anchor from the Pewabic, which sunk in 1865. Currently on display outside the Jesse Besser Museum, exposed to the nice weather, in Alpena, Michigan.
The anchor
And a band around the anchor shaft (terminology, Navy guys?)
If you found your iron in a creek bed, I'd expect it to show nice lines vaguely like on this old wrought iron.
Do you have a good photo, perhaps with low angle lighting to bring out the surface texture?