Today, carbon steel pipe supplied under ASTM A 53 is sometimes referred to as "black iron pipe" because it contains mill scale (iron oxide) from manufacturing that is left on the surface of the pipe. This pipe can also be furnished as hot-dipped galvanized.
As rnd2 stated, the original "black iron pipe" term was essentially wrought iron pipe - iron with iron silicate slag and very little carbon. Iron oxide (black color) from forming operations at elevated temperature was left on the surface of the pipe, thus enhancing corrosion resistance in certain media. Traditional wrought iron was hand worked at elevated temperatures, resulting in glassy-like iron silicate slag embedded in ferrite (iron).
For those purists, from what I remember reading, actual wrought iron is no longer manufactured (discontinued in 1969). The "wrought iron" sold today is really very low carbon steel.