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"LG" will be the makers monogram for the hardened tip.
If memory serves me correctly the SAPI and RepSAPI rounds were not available until the early 1950's and when they were made the cases for them all bore the ammo description around the base of the case in addition to the normal headstamp you would expect to find.
Since the proj. has been fired but has not functioned or been deformed, can I suggest it was inert filled and fired into some sort of bullet trap material?
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