Can someone tell me

yes, it is lead oxidation, otherwise known as "lead rot" (doesn't actually rot)

HH
-GC
 

GREAT!! Just learnt something new ;D ;D ;D ;D ;D

Cheers
 

Lead becomes "unstable when it is in contact with water (moisture) and air. It corrodes and forms CERRUSITE or HYDROCERRUSITE, which is the white coating commonly seen on old bullets. In all actuality,the hydracerrusite slows the corrosion of the lead.
 

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