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How much better? It doesn't take good armor to stop shrapnel. Conversely, would the use of lead balls increase the maximum effective range of the weapon?
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Lead is denser than steel, therefore, for the same volume of projectiles, the lead will be heavier, accelerate slower, and travel shorter.
ETA: A lot better. these projectiles are being propelled by C4. They're going fast as all hell. Something as soft as lead is going to deform tremendously at the slightest interference of their path. Result would be that it drops almost all the energy in the first obstacle it encounters. Sucks for that first guy, but the guy behind him may be ok. In addition, remember that there are hundreds of these ball bearings; the first guy is dead no matter what, assuming the mine was placed correctly. The goal then becomes not just destroying the 2D target, but penetrating deeper to anyone/anything that's behind it.