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I made my grandtwins a pair of "phones" just like that, but they didn't have any keys - you were speaking to the party to whom you were speaking. And they had a cord. So I just can't see how that would work.
Having said that, those keys might be the "key". If they had tone generators and had each key connected to two generators then they could create a dual-tone multi-function signal that could not only be used by the central office, but also users with computers listening to the tones. Hey, this could revolutionize things! I think I'll call it DTMF.
Big Blue was useful today. One of those serendipitous things. Yesterday a friend from church came by and welded up the front receiver to make SURE it isn't ever going to fail. Then I came in and found that another friend from church was looking for someone with a truck and trailer to get their Nissan Quest home from another town as it had died on them. I sent a quick text to my neighbor and borrowed his trailer and told the guy we would get the Nissan this afternoon. And when I stopped at the station to fill up the pump had a $10 credit on there, which got me 3.55 gallons. And, since the round trip was 35 miles and BB gets 10 MPG, it paid for the trip.
We did go get the Nissan today, and the front receiver made it easy. Dropped the trailer off the rear and picked it up in front. Then pushed it right up to the Nissan and ran the winch to it. Pulled it right on, tied it down, dropped and swapped, and off we went. Truck handled it with ease.