This is just the bullet. (I have plenty of the cartridges for sale, most of them as-dug and not put-together so please email if you want some!)
I think this one is in decent shape, considering Spencer bullets very often have corrosion from the casing/powder. The rings are very well defined as the first pic shows. The second pic does not show this as the lighting was off.
Bullet was metal detected on private property, near Manassas.
All firearms sold are pre-1898 and historic collectibles. They are not meant to be fired. Jim Stanley & Associates (cwartifax.com) will not be liable for injury incurred due to any weapon or artifact purchased from this site. All artillery projectiles sold by Jim Stanley & Associates are absolutely safe and have been professionally and safely de-activated.