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Did either side experiment with say a 12mm or smaller cannon round.
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There was some experimentation with incendiary rounds with some degree of success. The British formula seemed to be better than ours.
12mm just does not have enough space to fit any meaningful amount of explosive.
One of the things that made Mk108 so successful was type of explosive the Germans used. It wasn't TNT, it was PETN. PETN was invented by the Germans and much improved in WWII. It has a TNT equivalency of 1.66. So the Mk108 carried far less amount of actual explosive to achieve the effect of a 1/4 lb block of TNT.