Iron bolt/train spike ruins it. Zero knockdowns, no big punishment, after it left his glove. I have also read an interview with Willard from a day or two after the fight, where the description of his face or injuries doesn't match the rose-tinted folklore, and his statements congratulate Dempsey and a direct quote of, plus or minus a word, "I've handed these beatings to others, I can handle taking one myself."
4th largest ever heavyweight and he was knocked down 7 times in the first round, christ he just wouldn't stay down. Absolute brutal. Just looked at Willards boxrec and his fight with Jack Johnson went 26 rounds, these guys making Hagler Hearns look very tame.
The iron bolt myth has been fairly comprehensively debunked. Dempsey's gloves wee checked before the fight.
If you read Grantland Rice ringside report of the fight they mirror other ringside reports. The right side of Willard’s face was severely damaged and right eye totally closed shut. Later on in life Willard would let those interested feel his cheekbone as it was still “caved in” from the beating he took that day.
Dempsey entered the ring with wraps and Willard shook hands with him...then they were gloved up...its all on youtube
And there a a very clear photo of Dempsey sitting in his corner without gloves his hand wraps fully visible. Nothing unusual. Looks like typical wraps of the day.
He clearly drops something from his power hand at the end of the round and his cornerman, with almost a comedic skip, runs across the ring to kick it out and then straight back across to Dempsey's corner to celebrate. That is also on film. It was a fist-sized solid of some kind.