In 1959, IBM announced the 1401, which could be leased for business use for about $2,500 per month. Sometimes referred to as the "Model T of Business Computers," the 1401 was IBM's first mass-produced digital, all-transistorized, affordable business computer. The machine was about 5 feet high and 3 feet across. It came with 4,096 characters of memory [6-bit (plus 1 parity bit] CORE memory, constructed from little donut shaped metal rings strung on a wire mesh.