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What are the differences between a mail-enabled public folder and a shared mailbox?

I know you can convert between the two using PowerShell commands, at least in O365. Does that mean they're the same except for some settings behind the scenes?

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According to TechNet https://technet.microsoft.com/en-us/library/jj983794(v=exchg.150).aspx the difference is in the intent:

Shared Mailboxes are for external communication (ie [email protected]), Public Folders are for internal collaboration (ie [email protected])

Shared Mailbox

A shared mailbox is a mailbox that multiple designated users can access to read and send email messages and to share a common calendar. Shared mailboxes can provide a generic email address (such as [email protected] or [email protected]) that customers can use to inquire about your company.

Public Folder

Public folders are designed for shared access and provide an easy and effective way to collect, organize, and share information with other people in your workgroup or organization.

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