I couldn't help noticing the tapered nature of your iron band. While I appreciate family lore, if I found it in the South or Southeast, I'd guess it came off of a tobacco barrel or similar.
Tapered it is a steel wagon wheel rim. having a uniform thickness of just over 1/2 inch. and 39 1/2'" diameter. having never seen a tobacco barrel I'm not 100 percent certain, but I sincerely doubt tobacco required a steel barrel band of that thickness or weight. its weight is about 60- 70 lbs.
there is no doubt as to its provinance it came from the farm (family farm since 1890) and has been observed (by family members) over the years deteriorating with the wheel hubs and wagon wheel spokes still attached and rotting.
Wifes Great Granddad told family how they migrated west and their use of "that" particular wagon for the trip.