A golf club head having a high COR at its face center and a center of gravity located at a point close to the face and the sole is disclosed herein. In particular, the golf club head comprises a hollow body including a weight lip and face component, and the weight lip extends from the sole inside the body towards the face component without making contact with the face component. The golf club head preferably is a two-piece iron-type golf club head, and each piece is heat treated differently before being welded together to further optimize center of gravity location, ball speed, and COR distribution across the face.