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Originally Posted by Bart B.
"caliber" referred to and meant the bore (not groove) diameter in hundredths of an inch.
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Don't forget "Caliber" is also barrel length as a multiple of the bore diameter
On edit, Wikipedia actually has a decent overview of the naming conventions, and their changes over time:
http://en.wikipedia.org/wiki/Caliber
Also, They have lists of
rifle and
handgun cartridges most of which will explain the choice of name.