Hard #2 Alloy Lead

Is this metal acceptable for casting bullets?

Probably. #2 alloy refers to a particular alloy of lead, tin, and antimony that is recommended by Lyman for casting rifle and handgun bullets.
There are many suitable alloys, depending on what kind of bullet that you are going to make and how hard you will be pushing it.
It is a common practice to heat treat cast bullets to increase the hardness for some applications.

For more information about cast bullets, you might want to visit this forum: http://castboolits.gunloads.com

Jack
 
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