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I think it is a tad oversize to be called a .50 calibre! It is a .60 inch U.S. experimental. Originally conceived as an anti-tank rifle it went through several stages, including use as a possible aircraft gun before being finally abandoned. In fact it was also later necked down to a true .50 calibre, but yours is the original calibre.
Since you do not have HWS Vol II, here's a quick and dirty summary of your case,
It started in 1939 under contract by WRA Co. It was primarily aimed at a large caliber anti-tank rifle use although some were tested in MGs. It went through several iterations (T1, T1E1, T1E2, and T1E3). Further development resulted in the T2 which also went thru a number of iterations until 1944 and the T2E4, which is your case. It's believed that the "star" was added to help ID it from the other types.
Near the end of the war, development continued, including steel and aluminum cases, electric primers, different bullets, etc. Production continued into the early 1950s, but it was eventually replaced with the 20mm, as Falcon said.
As a footnote, the 50 Caliber Benchrest cartridge, the 50 Fat Mac, was a child of this case. Shown here with the ever-present 30-06.
You have to shop around. Like everything else, some guys will put unrealstic values on one volume or the other but they should be equal in price. I recently saw both volumes for sale on one of the auction sites, both with dust jackets, one price for both, for less than $25. I have an ex-library copy of Vol I, like new, that I bought for my son for $10.
I believe the same comments apply in either case. AFAIK, the only difference is that later printings contain an addendum, but it (addendum) can be had seperately and most booksellers will include it at no cost.
I don't think HWS has reached the status of some of the collectable books where a first printing will bring a high premium. That goes for autographed copies also. Only the more serious collectors put any kind of value on the signatures of H, W, or S, since they are still alive and known personally by most of us.
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