Here is a picture of a 1958 AT&T modem (not sure if this is the first
> commercial modem, the Bell 103. If so it was 300 baud):
>formatting link
No, the Bell 103 is a little plastic box only a little bit larger than a Hayes external modem.
This appears to be a photograph of an encrypted data system using a carrier key tape.
--scott
"C'est un Nagra. C'est suisse, et tres, tres precis."