At par

Par Par, n. [L. par, adj., equal. See {Peer} an equal.] [1913 Webster] 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. [1913 Webster]

2. Equality of condition or circumstances. [1913 Webster]

3. An amount which is taken as an average or mean. [Eng.] [Webster 1913 Suppl.]

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}. [Webster 1913 Suppl. +PJC]

{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. [1913 Webster +PJC]