Why would anybody in his right mind want to attempt to stop an attack from one of these guys using a 125 gr. bullet traveling at 1100 fps when the same bullet fired from a .357 mag. can rip thru tissue at 1400 fps (mv from a 6" barrel, according to my Speer manual). Can the argument REALLY be made that 1100 fps is just as effective (stopping power wise) as 1400 fps using that same bullet? ..........Do you REALLY want to face an intruder at 3:00AM with that .38 spec. when a 5" .45 ACP will throw a 230 grain hollowpoint at 1000 fps (+P load)? ....bigger and faster means more damage (up to a point) when it comes to stopping criminal attacks and more damage means quicker stops about 90% of the time.
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Call me old school, If given the choice I like 200 to 300 grain bullets. If you read the old study that the military did when they decided to go to the 45 caliber, it really had little to do with the velocity and little to do with the caliber. It had almost everything to do with the bullet weight. Around the turn of the Century, bigger caliber and heavier bullet went hand in hand. They still can, but with modern ammo, they don't need to. I really like 357 Magnum handloads with real heavy bullets, not the light weight 125 gr ones. I like my 44 Rem Magnum with heavy bullets. I like my 45 (Long) Colt with heavy bullets.
There use to be some 38 Caliber British 200 grain bullet loads that were considered pretty potent. I would much rather shoot a 38 Special with a heavy 200 gr bullet than a 115 grain 9mm. In a word, yes a .38 Special is enough of a self-defense gun.
Having said all this, I also understand the value of a light weight easily concealable handgun and have a PA-63 in 9x18 Mak. Its bullet is way too small, but I alway feel like I can just keep shooting until I run out of ammo. The 38 Special and the 32 Auto were standard military and police rounds in North America and Europe respectively for decades. There were both good compromises when weight and size were issues.
Shot placement, Bullet expansion, penetration are the things I think make the most difference. The godfather to my youngest son was a policeman shot in the shoulder with a lightweigh 347 magnum bullet. The bullet just produced a surface wound and fragmented on impact. The policeman quite the force but has full use of his arm and shoulder. A heavier and more solid bullet would have done much more damage.