Argentine M1, shell and liner locally manufactured.
No markings on the shell as is always the case with these. The sweatband is marked "FM" for Fabricaciones Militares, a state-owned company which produces firearms, ammo, explosives, etc. I read somewhere these liners were subcontracted to a private firm, don't know if it's true. They were made of resin-impregnated nylon fabric and it can be clearly seen where the pieces of fabric were cut to give them a more "conical" shape prior to being pressed.
Thanks for watching!
Nick
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