1911 Encyclopædia Britannica/Par

PAR (Lat. par, equal), technically a commercial and banking term. When stocks, shares, &c., are purchasable at the price originally paid for them or at their nominal or face value they are said to be at par. When the purchase price is higher than the face value, they are above par, or at a premium; when below face value, they are below par, or at a discount. Par of exchange is the amount of money in the currency of one country which is equivalent to the same amount in the terms of another, both currencies being of the same metal and of a fixed standard of weight and purity. (See Exchange.)