The .45 ACP does well with either jacketed or cast bullets. SAAMI spec pressure is 18,000 psi, and typical velocities from a full-sized (1911A1 or equivalent) pistol are around 800 fps.
Although the .45 ACP cartridge was developed with semi-automatic weapons in mind, and has been used in full-auto applications (most notably the Thompson submachine gun), it has also been adapted for use in revolvers. Circular "moon clips" are commonly used for .45 ACP in revolver applications because the .45 ACP case is rimless, having an extractor notch in lieu of a rim. The use of .45 ACP in revolvers dates to WWI, when gun makers supplying materiel for the war in Europe found that they could turn out many more revolvers faster and less expensively than the Colt 1911. Hence the S&W and Colt models 1917 were born.
Curiously, the .45 ACP shares its head dimensions with the .30-06 family of rifle cartridges. This is because when the cartridge was first proposed for military trials, the sample cases that gun manufacturers were given were in fact .30-06 cases, sawed off to an inch in length.
In military trim the .45 ACP is known to be highly effective. Premium anti-personnel loadings are available for civilian use, notably the Federal Hydra-Shock ammunition with 185-grain jacketed hollow-point bullets.
Above: Mil-spec .45 ACP cartridge with jacketed "ball" bullet.
I learned something today.
Looks like that cartridge has been rolling around your junk drawer for a while.