Maximum potential speed for serial port rs232

The maximum speed is limited by the specs of the UART hardware.

I believe the "classical" PC UART (the 16550) in modern implementations can handle at least 1.5 Mbps. If you use a USB-based serial adapter, there's no 16550 involved and the limit is instead set by the specific chip(s) used in the adapter, of course.

I regularly use a RS232 link running at 460,800 bps, with a USB-based adapter.

In response to the comment about clocking (with a caveat: I'm a software guy): asynchronous serial communication doesn't transmit the clock (that's the asynchronous part right there) along with the data. Instead, transmitter and receiver are supposed to agree beforehand about which bitrate to use.

A start bit on the data line signals the start of each "character" (typically a byte, but with start/stop/parity bits framing it). The receiver then starts sampling the data line in order to determine if its a 0 or a 1. This sampling is typically done at least 16 times faster than the actual bit rate, to make sure it's stable. So for a UART communicating at 460,800 bps like I mentioned above, the receiver will be sampling the RX signal at around 7.4 MHz. This means that even if you clock the actual UART with a raw frequency f, you can't expect it to reliably receive data at that rate. There is overhead.

This goes back to the original IBM PC. The engineers that designed it needed a cheap way to generate a stable frequency. And turned to crystals that were widely in use at the time, used in any color TV in the USA. A crystal made to run an oscillator circuit at the color burst frequency in the NTSC television standard. Which is 315/88 = 3.579545 megahertz. From there, it first went through a programmable divider, the one you change to set the baudrate. The UART itself then divides it by 16 to generate the sub-sampling clock for the data line.

So the highest baudrate you can get is by setting the divider to the smallest value, 2. Which produces 3579545 / 2 / 16 = 111861 baud. A 2.3% error from the ideal baudrate. But close enough, the clock rate doesn't have to be exact. The point of asynchronous signalling, the A in UART, the start bit always re-synchronizes the receiver.

Getting real RS-232 hardware running at 115200 baud reliably is a significant challenge. The electrical standard is very sensitive to noise, there is no attempt at canceling induced noise and no attempt at creating an impedance-matched transmission line. The maximum recommended cable length at 9600 baud is only 50 feet. At 115200 only very short cables will do in practice. To go further you need a different approach, like RS-422's differential signals.

This is all ancient history and doesn't exactly apply to modern hardware anymore. True serial hardware based on a UART chip like 16550 have been disappearing rapidly and replaced by USB emulators. Which have a custom driver to emulate a serial port. They do accept a baudrate selection but just ignore it for the USB bus itself, it only applies to the last half-inch in the dongle you plug in the device. Whether or not the driver accepts 115200 as the maximum value is a driver implementation detail, they usually accept higher values.