In June 2013, Argentine film collector, curator and historian Fernando Martín Peña (who had previously unearthed the complete version of Metropolis) discovered an alternate version of this film, a sort of remake whose last reel differs completely from the previously known version. Film historians have since found evidence that the version of The Blacksmith Peña uncovered was a substantial reshoot undertaken months after completion of principal photography and a preview screening in New York. They now believe the rediscovered version was Keaton's final cut intended for wide distribution.
Following Peña's discovery, a third version of the film, featuring at least one scene which doesn't occur in either of the other two, was found in the collection of former film distributor Blackhawk Films.
