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In 1936 the international communications organization defined the baud as the time duration of the smallest common denominator of the portions of serial transmissions. In morse code, the dot was one baud, the dash three bauds, the space between them one baud, the space between letters five bauds, and the space between words seven baud.
In modern communication there are symbols of identical time duration but different shapes. The definition of baud starts to have no meaning in modern systems. The term "symbol rate" is more meaningful.