Looking at my 30 year old M37, I see one bushing that's crimped into the aluminum frame. Your picture reveals two bushings: the smaller recoil bushing with firing pin hole and the larger bushing pressed and probably crimped into the frame. If the smaller bushing is punched out for replacement, then the larger bushing might be loosened. In any case, replacing the larger bushing would require reaming to accept a new one cleanly. Not enough room is present. The aluminum frame likely dictates the procedure.
So, I see a smaller bushing crimped into a larger one, and this larger bushing is pressed and crimped into the frame itself.
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