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It is a US made round, but has a non issued history. The cases with that head stamp were sold by a jewelry company as souvenirs after WW1. Never were loaded, made of surplus parts.
I have one in my collection along with a nice French tourist round as examples. I have not seen one for awhile, but would say $50-$75 would be going price. Not too many know the pedigree. When I first started collecting years ago, the rumor was that these were a Russian contract. But finally some one found the info. and period ads for the item.
The projectile cannot be removed from the case. I estimate it's about 4 inches long when compared to a German 37mm which is just a little over 3 inches.
It has the look of a U.S. Army MKll. If you get a length of 1 1/2 pvc plastic pipe 16" - 18" long, stuff one end with something soft. Place the round into the other end. Hit the tube pipe sharply on a hard surface padded side down. The projectile will pull itself out quite nicely with no damage, might take a few tries. Wear a glove so you don't pinch between rim & pipe top. This works for anything tight. Projectile just lands in padding.
I followed your advice and got the projectile off without damaging the shell. Anyhow it looks like it was a tracer at one time and I cannot find any markings on the base. The exact lenght is 4.165 inches.
I think it is a MKll HE for the Army, it would have been fused but not with a tracer. The proper case is one of the model 1916 37x92 cases or a 1940 M16 case.
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