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Iron: Invest=10 sellprice at 25% chance: 1247
Copper: Invest= 50+leather and sellprice at 25% chance: 1064
Silver: Invest= 300 and sellprice at 25% chance: 1443
Gold: Invest= 6500and sellprice at 25% chance: 10901
So Iron is better for efficiency than sillver, copper or gold. Will test the alloys next time.
You're not factoring craft time into your efficiency here. With gold, you can finish the craft in 1-2 heats depending on what you're doing. With iron, you're spending significantly more time at the anvil for less profits. It may be efficient in material usage, but not in any other way.
What I do is go out to the mines, to the bottom left area, mine out the gold there, and stock the shelves with gold halbards when I want money. That's even faster and the only overhead is buying wood.
You find two gold and make and sell one weapon and that's the equivalent of several days worth of grinding away making low profit weapons you bought the ore to make.
After that, it would be to have slaves make gold weapons for you constantly.
And once you get to a point where you can get slaves (Whether by buying them or getting them with 100 points) then the arena. After just a few games in the arena, I already have over 2 million.
I always spend time at night to max both my Sell racks and my coal/ores, and start the day fresh. 10 pre-made weapons are also waiting in the Storage racks just in case. The other 10 Storage slots are my personal Armory :p
I don't yet have Axe blueprints, but when I do I'll crank out all 3 at once.
I have my Sell prices at 40% currently, only because I'm after volume of sales more than cash, for more Skill points. I still clear about 200K daily at 18-22 sales. Once my Skill tree is maxed, I'll bump the prices a bit.
But I extended my excel a bit:
Rai (652%) and Tamra (644%) are the most good mat's in regards of efficiency. Followed by Yudhira (559%) and maybe the best one Gaurila (342%) as it is cheap and good to produce.
If you are NOT going mining at least. Mining would be gold the best bet I think, yes.
And now the next experiement: does have the wood and the leather at finishing have an effect?