Depends on whom you ask and the version of fae you are asking about. The Germanic version of the Fae are mostly depicted as small creatures that live in a parallel plane of existance which is "accessable" by the fairy mounds and circles. While the Slavic version of the fae is physical mischevious beings that take the form of beautiful women , tie horse manes into braids and dance with drunk men in corn fields until the men die of exhaustion. For neither of them did i hear that any metal not just iron drives them away.
For the fae it does not drive them away as in force them to leave, but they aren't particularly fond of iron or metal, I believe. And not being fond of it they'll leave. So yes it could be seen as 'driving them away.'
There are a hundred and one ways to keep away or draw them to you all of them contradictory and yes cold iron is one for some.
There are accounts of people using cold iron as in hanging things made of iron above a baby's crib (I do not recommend this) Like any lore going back many hundreds of years this was changed to balls, herbs and types of wood. All of the same said to draw them in other text.
Tylwyth Teg of wales for example hate iron where as the Urisk of the Scots are said to help farmers with their work using tools made of iron.
If you want to give something a go twisted iron horse shoes nails are a good warding off charm for many things that are malevolent. Hang them on strings or put in a bag and place above a doorway. The chances are if the are not bothered by the iron they are not there to cause any harm.
It comes up in different legends and folk lores across Europe - it really all has to do with if you personally feel it will drive them away. If you do, then that intent becomes part of the iron and helps to keep them from getting near you.
To the ancients, all metal was in some ways "magical". Very few knew how to make it, and it was usually for weapons,not tools!
The first metal knives (and swords) were made from copper.But just think of what metal is.
A lump of rock is heated until it becomes a liquid.When the liquid cools it can then be "beaten" into a blade. Is that not magical?
It would certainly seem so to people without the "knowledge".
Even in modern times it is often thought that a Blacksmith makes horse shoes. Not so; that's a Farrier!
Does metal itself have any magic power? Well, like all Matter, it vibrates, and so has "energy".
So, yes, there can be "magic" in metals.
Cold iron was used in the forms of bells to make a braclet for young children to keep the faes from kidnaping them...
Other cases show ceertain metals attract fae. Though it depends on what you classify as fae. As dwarves are known to love metalurgy.. But to say they are fae depends on the person.
