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The 38 means that it is a 38 caliber bullet, the 40 is a left over from the old black powder days. It represents the approximate equivelant power that 40 grains of black powder would have given a similar bullet, although the actual cartridge was loaded with the 'new' smokless powder. The 30-30 was one of the first cartridges to use this system as the smokless powders were being introduced in the late 1800's.

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