This is a box of armor piercing rounds.  It is not tracer.  It is unusual to find 7.92 Third Reich ammo that is armor piercing and not be tracer, also.  Unusually nice box maker markings.  Representative box.  $20

Patr. stands for patronen which means cartridges.   S.m.K. means armor piercing.   The second line shows that the cartridge components were assembled by hlc (Zieh-und Stanzwerk GmbH, Schleusingen/Thuringen).  It was their 3rd delivery lot of 1942. Nz. Gew. Bl. P. means nitro cellulose rifle flaked powder.  (2, 2, 0.45) defines the powder particles are 2mm by 2mm by .45 mm.  The powder was made by WASAG, Reinsdorf, delivery lot 2 of 1934. Patrh. means cartridge case.  S. (Stahl) means the the case is made of steel.  lackiert indicates the steel case was lacquered.  The case was made by hlc, delivery lot 1 of 1942. Gesch. means bullet, made by hlc, delivery lot 4 of 1942. Geschosseile means the bullet components probably indicating the armor piercing core.  It was made by hlc.  Delivery lot and date unknown. Zdh. means primer (Zundhutchen), 88 means brass primer cup, corrosive, the original type introduced in 1888.  Made by D.W.M., delivery lot 378 of 1940.

No black tip on bullet means that it is not tracer.

Red primer sealant (annulus) means armor piercing.  Head stamp shows only info about the case, made by hlc, steel case, delivery lot 1 of 1942.

Box was made in 1941 by kgu (Schmalkalder Paper Manufacturing).