That appears to be a bullet, unfired and never loaded into a cartridge, from a hand load known as a semi wadcutter. It's modern in origin, after the 1940s or so, and manufactured by several of the big bullet manufacturers. I have molds for pouring my own wadcutters for my .38 and .357 Magnum. They don't fire well in semi automatics because of the taper so you won't see them being used in an autofeed situation. There are round nosed varieties.
The wadcutter is used mostly for target practice or competition and gets its name from the fact that it cuts a neat wad from a paper target rather than making a ragged edged hole. For scoring in professional matches, it's the preferred round to use.
See this for more info:
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http://library.med.utah.edu/WebPath/TUTORIAL/GUNS/GUNTERM.html
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http://www.thunting.com/smf/index.php/topic,15996.msg102813.html#msg102813
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-GD
It's all about that magical moment of discovery when metal that hasn't seen the light of day for generations frees itself from the soil and presents itself to me.
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