Definitely NOT a round of ammunition:
- The case appears to be a fired .50BMG
- The "bullet" is not a bullet.
- A real .50 cal bullet would fit into the casing (just like any other bullet fits into the casing of whatever round it is) and no .50 cal bullet from 1942 would have been made of steel (AP had a steel core, but had a copper alloy jacket to engage the rifling.
- Not a military dummy round because those didn't have a fired primer.
As others have suggested, the "bullet" appears likely to be a cap that is meant to be pulled off or screwed off to reveal
something... perhaps a pen, perhaps a lighter, maybe just a space to stash something.