Hollow base wadcutters are used with very low (600 fps) velocities and help maintain a gas seal. They are the choice for indoor PPC shooting. Without the hollow base skirt, acting somewhat like a pellet skirt, to seal the bore behind the bullet gas will escape around the bullet while it is leaving the bore.
Solid base and double end wadcutters are used with higher velocities.
Cowboy ammo is similar to SWC ammo.
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