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In this 'code' typeface, all characters occupy an equal block of space, which is measured by the width of the largest letter, M, even the full stops and punctuation ! - ( ) ........ Hence the term 'em space'.
That's because old typewriters would only advance the paper by an equal gap each time, they weren't intelligently programmed to be able to tell that an 'i' or lowercase L was thinner, and therefore only needed a little exclusion... all characters were treated as an 'M' in width, which is why the typewriter faces were styled to make each character fill the M gap as much as possible.
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