What is "at par"

Par \Par\, n. [L. par, adj., equal. See Peer an equal.]

1. Equal value; equality of nominal and actual value; the value expressed on the face or in the words of a certificate of value, as a bond or other commercial paper.

2. Equality of condition or circumstances.

3. An amount which is taken as an average or mean. [Eng.]

4. (Golf) The number of strokes required for a hole or a round played without mistake, two strokes being allowed on each hole for putting. Par represents perfect play, whereas bogey makes allowance on some holes for human frailty. Thus if par for a course is 75, bogey is usually put down, arbitrarily, as 81 or 82. If par for one hole is 5, a bogey is 6, and a score of 7 strokes would be a double bogey.

   At par, at the original price; neither at a discount nor at a premium; -- used especially of financial instruments, such as bonds.

   Above par, at a premium.

   Below par, (a) at a discount. (a) less than the expected or usual quality; -- of the quality of objects and of the performance of people; as, he performed below par in the game.

   On a par, on a level; in the same condition, circumstances, position, rank, etc.; as, their pretensions are on a par; his ability is on a par with his ambition.

   Par of exchange. See under Exchange.

   Par value, nominal value; face value; -- used especially of financial instruments, such as bonds.