
Jeraa |

Say I am level 5 and crafting a wand of Ironskin. The duration states 1 min/level, would that mean mean a single charge lasts for 5 minutes? If I were to craft it at level 6 than would it be 6 minutes? Is that how it works?
By default, the caster level of a magic item that casts a spell is the minimum caster level necessary to cast that spell. So a typical wand of ironskin would have a caster level of 3. You can make one with a higher caster level, but it costs more to make/buy.
And yes, the caster level of a magic item determines the effects of any spell it casts/duplicates. A CL 5 wand of ironskin would last 5 minutes.

Tiny Coffee Golem |

The above is correct, but please note the expensive material component clause.
The price of a wand is equal to the level of the spell × the creator's caster level × 750 gp. If the wand has a material component cost, it is added to the base price and cost to create once for each charge (50 × material component cost).

GM Rednal |
Trying to get large numbers of powerful spells in consumable form... does add up pretty quickly, yeah. XD And wands are the cheapest consumable spell on a per-use basis. Still, you generally only want to buy a wand of a spell you're likely to use often and don't want to cast from your daily spells (such as a Wand of CLW, especially at early levels).