Mineralogists often use the physical properties of minerals to identify them. The most reliable test in order to identify a mineral is the test for hardness.
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Iron is composed only of the element Fe (iron). Iron pyrite (most correctly referred to as pyrite) is a mineral composed of Fe and S (sulfur).
pyrite, or " fools' gold " is a compound made up of two elements.
Most pyrite is not valuable (I have heard estimates of 50 cents (USD) per gramme). Some pyrites contain traces of gold that increase its value, but it is mainly used for industrial extraction of sulphur. Large, perfectly cubic crystals of pyrite are valued by museums as exhibits.
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