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Does that sound right as it's below the melting point of lead.
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Yes. That is why one must be careful to not get their pot too hot when casting with tin/pewter, or it will oxidize to the surface faster than the lead and the caster will skim it off as scum/dross and lose his precious metal. It must be fluxed back into the melt occasionally, rather than skimmed off. So if you are casting bullets with tin/pewter in the mix, try not to get the alloy over 700° for any length of time and you will cast it faster than you are losing any appreciable amount to oxidation.