The first question that pops to mind is 'Why aren't the codes sorted alphabetically?' Answer: Because it was originally designed to by typed by hand on a five finger keyboard (2 left 3 right) and printed/punched on ticker tape. Baudot keying was synchronized with a mechanical timer that alternately unlocked the keys and advanced the ticker tape on the receiving end about 8 to 10 times a second--advance,unlock,punch,lock,advance....

The codes were arranged so that the frequently-used letters required the least amount of keys pressed. Here is a Baudot table, arranged for operator keying:

5 4  L F  3 2 1     5 4  L F  3 2 1   
---------------     ---------------   
     A 1  *         *    - .  *       
     E 2    *       *    X 9/   *     
     Y 3      *     *    S 7/     *   
     / 1/ * *       *    Z :  * *     
     I 3/   * *     *    W ?    * *   
     U 4  *   *     *    T ^2 *   *   
     O 5  * * *     *    V ^1 * * *   
                                      
  *  J 6  *         * *  K (  *       
  *  G 7    *       * *  M )    *     
  *  B 8      *     * *  R -      *   
  *  H '  * *       * *  L =  * *     
  *  F 5/   * *     * *  N £    * *   
  *  C 9  *   *     * *  Q /  *   *   
  *  D 0  * * *     * *  P +  * * *   

Control Codes
5 4 3 2 1   
---------
  *       Space and Figures follow (F row)	 
*         Space and Letters follow (L row)
* *       Error, delete previous character
Keyboard mapping:
  1. Right ring finger
  2. Right middle finger
  3. Right index finger
  4. Left index finger
  5. Left middle finger
The 1/ 3/ 5/ 7/ 9/ were used to transmit fraction numerators for stock market quotes.

For example:

    M S F T   2 4 1/8   I B M   8 3 3/4 
--------------------------------------------
\ o o o   o           o     o   o           \
/   o   o   o       o     o o o o           /         
\         o     o o                   o     \
/   o   o     o   o     o   o       o       /
\     o o o     o   o   o o     o o o o     \  
--------------------------------------------
  1. Can you guess which symbol actually was written to ticker tape at one point?
  2. Did you notice the + symbol is all holes punched, and three in a row means 'tear off here'. There's something familiar about that ...