Let's clear up some confusion here. 550 paracord is the military shroud line for "personnel parachutes." It is an OD green woven nylon sheath with seven (7) strands of white nylon inside. It has a Defense Logistics Agency National Stock Number (although I don't remember it). This stuff is the best. It has a 550 lb tensil strength when all strands are intact (tough stuff). This is the real stuff!
Now there are commercial copies and counterfeits on the markets. Some of the copies have varying colors of sheaths. Some counterfeits have less than 7 inner strands, and may be as few as one! These are rarely as good as the mil. stuff.
The value of the real stuff, besides tensile strength, is the inner strands may be removed and are quite tough as individuals. I use one inner strand as a thumb loop lanyard on my Spyderco Military because the intact cord is too thick to go through the lanyard hole. As has been mentioned, the sheath alone is quite strong.
My daughter came home from the local sporting goods store with 20 feet of counterfeit cord, purchased for her summer camp activities. She was quite proud of herself for buying it at half what "Dad" pays for his. I then explained the difference, threw hers away, and gave her 20 feet of mine.
Hope this helps.
Bruce Woodbury