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Strange 50 Caliber Item

Bought this at a local estate sale. Grandson said his grandfather was a waist gunner in WWII. The headstamp on this doesn't seem right for the time period. I knew that at the time of purchase. I Just thought it was neat and thought it might be more than just trench art. The projectile has been mechanically crimped into the steel rod. The holes in the steel rod near the casing are machined very well. Head stamp is a W and a 5. Could this have been a training device or tool for the M2.
 

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And I'm thinking it is a swagger stick made from a 50 BMG cartridge and an artillery primer.
 
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