AP is usually black tipped
From the picture I don't see it. I have a bunch of resized 7.62x54, to .308 that is copper clad. Mild steel jacket . Just because it's magnetic doesn't mean it's AP.
I've seen the older ammo NOT have black tip on ap shells. We used it all the time in training.
I'm about 95% sure it's armor piercing but I'm going strictly from memory Allen.
I'll give you 10 bucks for the mystery ammo.
Been researching it.
Some of it is corrosive and black tip isn't always on it.
Ammo land and CMP https://www.ammoland.com/2010/05/30-06-belted-ammunition/#axzz5ZNPJjC9c
IF it helps at all
Ok, I have been googling this trying to figure out what is was worth. Sounds like surplus ammo roughly $150.00? With The AP on the box and magnetic tip I thought it would be armor piercing
Been researching it.
Some of it is corrosive and black tip isn't always on it.
Ammo land and CMP https://www.ammoland.com/2010/05/30-06-belted-ammunition/#axzz5ZNPJjC9c
IF it helps at all
It's almost certainly M-2 Ball and not M-2 AP. A lot of M-2 Ball has a steel jacket with a copper alloy coating. It started in WWII as a resource conserving measure and was called "M-2 Alternative". The idea carried on after the war. The can was probably just a convenient storage option obtained as surplus, separately from the ammo. If you don't want to cut one open, just individually weigh a few of the loaded rounds on an accurate scale. If they are a little less than 400 grains (say 397 range), they are ball. If they are about 410 grains, possibly on up to about 420 grains, they are likely AP.
I have a couple cans of AP from the big CMP sale a few years back but have never opened the cans.