Lots of great information in this thread.

There is one thing I'd like to point out, encoding more than one bit per
baud has been around since at least the v.22 and B212 standards (1200 bps @
600 baud). The data rate was increased to 2400 bps @ 600 baud with the
introduction of v.22bis.

Here in Upton Massachusetts, we were stuck with old analog phone lines until
the mid 1990's. A bit of shock when I moved here in the mid 80's and found
no touch tone dialing or other modern services available but we could choose
between a private or party line :-o.

Paul

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