Telephone is bandwidth limited, 300Hz to 3.5kHz, with a roll off above and below. This is to limit noise, and to allow multiplexing of multiple signals using a simple codec. The instrument itself however is often capable of better performance, typically 150Hz to 10kHz, but this is only really usable on a short direct link that does not go through an exchange where it will be limited by the line interface cards. Connect 2 phones together using only a local 12V battery supply in series, and the audio is pretty good.