OP, have you ever tested a 204 shooting 40gr pills? The ballistics should be better than almost any 223 and most 22-250s with “standard” twist rates? Would be interested. I have a 204 that I’m just shooting 32gr vmax out of, but only like 25” of drop at 400 yards with a 100 yard zero is pretty hard to beat. Closer shots can get messy since it’s going around 4000fps but it’s really not bad. Ammo isn’t too expensive either
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I have shot a lot of coyotes with a 204. I have a custom one built off a Ruger M77 action similar to what ajhood described. I like the 204 quite a bit for a lot of predator hunting. Mine has a Pac Nor #3 barrel, Timney trigger, Boyds thumbhole stock, and Leupold 4.5-14x scope with the VH reticle.
I have used the 40gr V max in mine on quite few coyotes. My rifle shoots the Superformance factory ammo really well so I never tried loading for it. It's pushing that bullet a little over 3800fps from my barrel. It kills coyotes in their tracks with a good vital hit that stays off bone. I went away from it after having some splash hits if I got the shoulder bones, or had coyotes that ran further than I liked if I hit them quartering away. The Hornady factory 45gr soft point ammo has been more forgiving for me on terminal performance. It seems to exit most of the time but with a tiny exit. It's tougher it seems to me, but it's also slower averaging 3429fps from my rifle. I'm not putting the stress on it that I am on the bullet leaving the barrel at over 3800fps.
It's a rifle I really enjoy shooting. Wind is pretty hard on the 45gr bullet with it's lower BC and slower speed. My "real world" shooting paper in wind shows more drift and more erratic accuracy than what the ballistics programs using the factory BC show. I'm not sure how much is inconsistencies in the fairly blunt lead tip compared to the poly tipped bullets, but I'm sure that's part of it too. It shoots great at closer ranges but seems to not hold it's accuracy past 300 yards as well as my other rifles.
I kinda quit using it much except as a truck gun when I got to shooting the AR calling. I used to carry it anywhere I thought I might get a bobcat to respond. I should use it more, I just got to using the AR platform and don't as much. If I'm lucky enough to call multiple coyotes in on a stand I feel like my best chance of getting more than one are the AR that shoots faster, or the bigger bolt gun that definitely anchors the first coyote on the first shot. I carry it in the truck with the 40gr V max ammo a lot during spring, summer, and early fall before fur season. It's fun to shoot smaller varmints and an occasional coyote with then.
If someone came out with a tougher poly tipped 40gr bullet that had a good BC I'd likely use it a lot more. I have emailed and called Nosler and Sierra asking for that bullet to be made. It probably won't ever happen, to small a market, but I'd sure like to see it. I have not tried the Berger 40gr bullet, and have limited experience with the 40gr Ballistic Tip. What I did use it there wasn't much difference between it and the V max.