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No. .338 vs .500

If you are referring to World War 2, then you probably mean the .308 bullet used in the British Enfield rifle, the typical infantryman's rifle used in World War 1 & 2. It was a rifle round that was 0.308 inch diameter. The "50 Caliber" was a 0.500 inch caliber bullet that was about 4 inches in length that was used in heavy machine guns that were used on tanks and aircraft.

Suggestion- You may also have been thinking about a .30-06 Springfield, which the M33 Ball .50 Cal ammuntion is based upon. The .50 Cal is actually on a super scaled up version of it. But no, a .338 is in NO way a .50 cal.

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