I have seen new pianos with silvery (zinc plated iron) wrapped bass strings or sections of bass strings. Some manufacturers must have found that the iron wrappings had the sound quality that they wanted and they used it. It was probably discontinued because it looked "cheap".
Many inexpensive smaller pianos from the 50s through the 70s have copper plated iron wrapped bass sections.
I have found that iron wrapped bass strings didn't seem to hold up as well and didn't "turn" or revive as well as copper wrapped strings.
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Blaine Hebert RPT
Duarte CA
(626) 390-0512
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