New plastic versions can do an even better job, IMO. No rust issues and no potential bomb issues if caught in a house fire.
I disagree.
We took 4 feet of water in our walk in basement during hurricane Irene, and I only lost a few boxes of ammunition that were stored in one GI can that was missing a hinge pin, which in turn prevented a perfect seal. The other 20 or so cans were just fine, and they were one of the last things we bothered cleaning up.
You have to store them in very wet conditions for a long period of time for rust on the outside to ever be an issue, and if you have moisture on the inside, you have far bigger issues.
Plastic can be as effective as steel, but it is bulkier and just as heavy or heavier as it requires a much thicker case for a comparable level of strength and impact resistance. Also, when it comes to impacts, you'll dent or bend a steel ammo can and still have a useful can in situations where you'd just have a broken plastic case.
So when we are talking about effective plastic ammo cans, we are talking about heavy plastic like that used in Pelican cases, etc.
Even when purchased surplus, good quality plastic cases are more expensive. For example a few weeks ago I bought four .50 caliber cans at $5.00 each. Admittedly, that's a good price as $7 to $10 each is more the norm. In contrast at that same show I bought similar sized surplus Pelican cases for $15 each, which was a phenomenal price for them.
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As for the "bomb" issues, that's just hyberole.
Yes, plastic will probably melt before the contents start to burn. However, a steel ammo can isn't going to contain enough pressure to create a bomb after the ammunition inside starts to cook off.
After all, militaries all over the world have been using steel ammo cans since before WWII, and an enormous number of them have burned over the years without being a problem.
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Edit:
As noted in the video above, the cans he's talking about in the video are not good enough quality to protect against anything but splash, spray, and maybe a good heavy rain. They are not designed for or intended for immersion in water.
I will add that I had a video camera in a Storm Case that washed out of our basement during Irene. It was found under someone's dock across the sound about 3 months later by a contractor rebuilding the dock. The case was dry inside despite setting sail in a hurricane and then being submerged under the remains of a dock for 3 months. Would I store ammo in it with confidence? Absolutely, but they are not cheap to buy compared to GI ammo cans.