The reaction of the ferrous complex [LFe(NCMe)2](OTf)2 (1), which contains a macrocyclic tetracarbene as ligand (L), with Na(OCP) generates the OCP−-ligated complex [LFe(PCO)(CO)]OTf (2) together with the dinuclear $\mu$-phosphido complex [(LFe)2P](OTf)3 (3), which features an unprecedented linear Fe-($\mu$-P)-Fe motif and a “naked” P-atom bridge that appears at $\delta$=+1480 ppm in the 31P NMR spectrum. 3 exhibits rich redox chemistry and both the singly and doubly oxidized species 4 and 5 could be isolated and fully characterized. X-ray crystallography, spectroscopic studies, in combination with DFT computations provide a comprehensive electronic structure description and show that the Fe-($\mu$-P)-Fe core is highly covalent and structurally invariant over the series of oxidation states that are formally described as ranging from FeIIIFeIII to FeIVFeIV. 3–5 now add a higher homologue set of complexes to the many systems with Fe-($\mu$-O)-Fe and Fe-($\mu$-N)-Fe core structures that are prominent in bioinorganic chemistry and catalysis.