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I received around 500 of these M2 bullets as a gift. I'm in the process of loading some up for 300 BO. Might try some in 308 as well. Started wondering how accurate these bullets actually are? Can you get 1 MOA out of these old military bullets? Or should I expect 2-3 MOA at best?

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Depends on the rifle, and it depends on the bullets. M2 ball was made for decades by a lot of different manufacturers. The best I ever got out of them, with an accurate rifle, was around 1.5 MOA.
 
I once loaded up some pull-down M72 bullets and shot them in an accurate bolt action rifle. The M72 is a "match" bullet, but these had visible pull damage. I was surprised when they shot nice groups, nearly moa as I recall.

Minute-of-angle is definitely too much to ask of surplus M2 bullets, but if they're decent quality they might surprise you.
 
.30-06 M2 Ball can be quite accurate , in some rifles...
I had a Remington 03A3 that worked well with them.

With that said...the M2 Ball bullet was designed to give "MOA* " " Man of Angle " accuracy...as in combat range effective accuracy...
Not so much target range effective accuracy...with those little bitty groups we like to see on paper.
Andy
 
Didn't have much luck with them. Went to the range yesterday to try a few loads with CFEBLK. Loaded up some with 19, 19.5, 20, 20.5, and 21 grains. Groups at 50 yards were terrible. I had a few loads with some 220 grain Sierra match king loaded subsonic. They shot 1.5 MOA. Doesn't seem like subs should shoot better than supers with that powder? Picked up some Hornedy #3031 150 grain spire point to try out. I hope for better accuracy with those!
 
Wow, what a difference a bullet can make! Loaded up some Hornady #3031 with that same 21 grain CFEBLK. Finally got a sub MOA group! Safe to say my gun does NOT like those M2 bullets.
 
If you decide to sell the M2 bullets that didn't work out for you, plenty of M1 Garand shooters will buy them, since that's what they were made for.
 

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