9VAC because it half wave rectifies it inside, to get the higher positive and negative voltages to drive the RS232 interface. Then a regular bridge rectifier, that is then regulated down to 5V with a 7805 regulator or two in parallel. The AC is needed to operate. Look inside you will find the AC input, the power switch, then a bridge rectifier and a 1000uF 16V capacitor, plus another 4 470uF 25V capacitors and diodes, used to do a doubling of the voltage, and a negative doubling, to get a pair of 18V rails, that are regulated to + and - 15VDC rails with another pair of voltage regulators, or in some a pair of zener diodes and transistors.