I posted this a while ago on another thread. Obviously I put this together as an NPC monster, but I did a bit of research so the basic information is there. My work-around for the cold iron thing is to say that their boots are "metal-shod." We know that there are faerie metals, and who's to say some of them don't appear to be iron even though they're actually something else?
REDCAP
HIGH CONCEPT: Gruesome Faerie Killer
SKILLS
Alertness: Average +1
Athletics: Good +4
Deceit: Fair +2
Endurance: Fair +3
Fists: Average +1
Might: Good +3
Stealth: Fair +2
Weapons: Great +4
POWERS
Faerie Item (+2) Woolen Cap; Must be dyed in fresh blood; Tied to the following powers:
Inhuman Strength (-2)
Supernatural Speed (-4)
Glamours (-2)
Inhuman Recovery (-2)
Inhuman Toughness (-2)
The Catch (+3) is cold iron and such
STRESS
Physical OOO(OO), Armor 1
Social OO Mental OO
NOTES
Redcaps are solitary, goblin-like wildfae, who tend to haunt ruins in borderlands, like Northern England/Southern Scotland, where they prey upon travelers. They carry halberds and long knives, and they wear heavy, metal-shod boots, but they are swift and difficult to elude. The woolen caps, from which they get their name, are dyed in the blood of their victims. Rumor has it that if their bloody headgear ever dries out, they will die. This may or may not be true, but it is certain that they gain some power from their gruesome hats. If one were to snatch the cap from its head, a Redcap would be weakened, though it would still be far from harmless.
TOTAL REFRESH COST: -7
FAERIE ITEM
The Faerie Item power provides a base +1 refresh bonus. A number of powers are tied to the item, in much the same way as an Item of Power. As long as the Faerie Item is in the faerie's possession, it has access to the related powers. If the Item is lost or stolen, the related powers are lost until this Item is recovered.
If there is an action which the faerie must perform on a regular basis to empower the Item, apply an additional +1 refresh bonus.
Powers tied to a Faerie Item are usually not available to anyone but its rightful owner. However, if someone other than the rightful owner is in possession of a Faerie Item, they often gain a measure of control over the faerie owner. If a Faerie Item works in this way, apply an additional +1 refresh bonus.