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It is a propeller made by the Michigan Propellers company for a small boat (probably - but not necessarily - used on an outboard motor) - their maker's mark was simply the word 'MICHIGAN'. The "SMC" is the series design number while the "43" denotes the catalog number for the specific model. I think it denotes Ø9" x 10" pitch, but you will have to find a catalog listing to be sure.
IIRC Michigan Wheel Company bought or merged with Michigan Propellers post-WWII - so there may be a trail to follow there as well, though if it was made after the Michigan Wheel merger/buyout there should be additional numbers on the hub somewhere.
I agree with, Thomas. This does not look like a torpedo related propeller / screw. The only US made torpedo that utilizes such a small propeller is the MK44 and MK46 and they are a lot different. At one point I had one of the largest collections of torpedo propellers. Sold most years ago.
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