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Dynamic and Condenser mics in one AI

Hey guys my band is looking to mess around with some recording. We want to do it all live off the floor. We're looking to buy an audio interface with 4 inputs (one for each of us) and we'll need to buy 2 mics for the guitars. I already own a condenser mic that we will use for drums.

My question is, will typical dynamic mics (SM57 or similar) work with the AI if we have phantom power turned on for the condenser? Does the phantom power affect the dynamic mics? The particular AI we are looking to get has only on/off for phantom power to all inputs.

I know we aren't going to get the best sound with this setup, I'm more just wondering if it will work or not.
 
Phantom power is sourced from condutors 2 and 3 on an xlr cable and returned to the supply via pin 1. Dynamic mics isolate pins 2 and 3 (where they apply their signal) from ground - they don't even know that phantom power has been applied. That's the genesis of "phantom" in phantom power - as far as dynamic mics (wired the normal way) are concerned, it doesn't exist.

Short answer: They work fine - there's absolutely NO compromise in running a dynamic mic with phantom power applied. At no time will your SM57 be in jeopardy.
 
Just make sure to apply phantom power after everything is plugged in, and you'll be fine. Even most modern ribbon mics will block phantom power properly. If you have an expensive vintage ribbon mic, it might be a different story, but you don't. :)

Also, I like the SM57, but really only as a vocal mic. I put the Shure windscreen on it and it's the perfect mic for many voices, including mine. I don't really care for it in any other context. The Audix i5 is my favorite pencil instrument mic, and a Sennheiser e906 is my favorite guitar mic, and I always carry a pair of e906s in my gear bag. The fact that they don't need a mic stand is a HUGE plus in a crowded space. The e609 is not as versatile, but it's equally convenient, and it's much cheaper, and you should consider those, too.
 
Also, I like the SM57, but really only as a vocal mic. I put the Shure windscreen on it and it's the perfect mic for many voices, including mine. I don't really care for it in any other context.

Actually I find the SM57 to be one of the most useful and versatile mics available. It sounds convincing on more or less everything, it is rugged and it is inexpensive. Of course it is the go-to mic for snares, excellent for live vocals, most guitar cabs, brass, works well on toms, strings and piano. But I wouldn't hesitate to use it on a bass drum or to mix with a DI bass.

For the setup described above (4 channels, one per musician) the SM57 is almost overkill...
 
Actually I find the SM57 to be one of the most useful and versatile mics available. It sounds convincing on more or less everything, it is rugged and it is inexpensive. Of course it is the go-to mic for snares, excellent for live vocals, most guitar cabs, brass, works well on toms, strings and piano. But I wouldn't hesitate to use it on a bass drum or to mix with a DI bass.
I agree that it works on almost everything, but I think the Audix i5 also works equally well on everything, too, and it is just my opinion that it does this to a higher and better standard. It sounds great on bass cabs, guitar cabs, snare, toms, etc. Then again, it's not just the i5, but a lot of rugged dynamic live mics work on just about everything. For whatever reason, I like the 57 a lot on vocals. Everything else, I prefer the i5.