A finite state machine (FSM) is said to have finite memory μ if μ is the least integer such that yk= f(Xk, Xk-1,... Xk-μ, Yk-1, ... μk-μ) where ykand Xkrepresent the output and input at time k. If no such μ exists, then by convention the memory is said to be infinite. It has been observed  that if the memory of a p-nary input, q-nary output n-state minimal nondegenerate FSM is finite, then the memory μ is bounded as follows: Recently, considerable attention has been devoted to the study of the upper bound on μ -. In this paper we examine the lower bound on μ. We show that the lower bound is tight for all positive integers n and certain values of p and q. We also show that when n = 4k, k a positive integer, there exist binary input, binary output minimal FSMs with minimal memory. It will be seen that this is equivalent to showing that for all positive integers μ there exist binary input, binary output minimal FSMs with the maximum number of states n=22μ. Finally, we enumerate the equivalence classes of these finite memory machines with memory μ and n = 22μstates.