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It is a base crimp. Designed to prevent setback of the bullet into the case from recoil. Don't worry about it, I have a bunch of 44mag with it that are probably on the 10th load, and look fine.
I use the Corbin Cannelure tool to cannelure Bullets made from swaged .22 rimfire shells and lead rod. Works well for that. Never had setback issues with my loads but I toss out the crimped cases as I do not want a separation and that ring is a weak point.
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