Hmm.. Good question. Personally, I try to keep hardware-based modems, since they do work in DOS and do have an on-board computer.
On the other hand, win modems might be faster if the PC is powerful, since everything is handled by Windows drivers, so they are more likely up-to-date.
Another thing that's valuable on the hardware-modems are the EPROM chips and the micrcontroller/processor.
Some of these chips might be collector's items already. So maybe it's woth checking them online and sell these cards for their parts.
Edit: Another use case for theese modems: Net play on a real DOS rig.
I haven't checked, but I'm confident that some projects exist that emulate the "other side" of the line.
That might be interesting for ancient games (net chess game on Windows 2.x or a DOS game like Megatron that has no IPX support)
That way, it might be possible to re-route the modem connection over the internet or the LAN.
DOSBox has a similar feature, I recall. The phone number is interpreted as an IP or IPX address.
Another idea is to use the ISA modem for a "LAN"-like duo-player scenario.
You could connect two modem-equipped computers over an analogue in-house telephone system.
Or you could use your DSL/cable router for that purpose. Some models like AVM's Fritzbox do have two TAE jacks for
connecting two phones. It can also establish connections between phone A and phone B.
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