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If it is a penetrator then it will be made of heat treated hardened steel, tungsten steel or similar. Hardly the sort of thing one would use for an unjacketed 7.62mm bullet.
This item seems to be over 2 inches long, which is rather excessive for a 7.62mm bullet. Although I have seen low-drag high ballistic coefficient 7.62mm bullets for long range shooting, they were all turned from solid brass or bronze, and were not grooved/ringed in that fashion.
So seems more likely to be a penetrator for a larger calibre round.
Finally ID'd.
This is a GSC custom bullet from South Africa ,developed for long range shooting.
Turned from solid copper rod,hence no magnetism and lightish weight,and the tarnished finish.
Obviously i shouldn't believe everything i'm told , and something new to learn all the time !.
cheers
Bob
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