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# Par of exchange

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.

{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]

The Collaborative International Dictionary of English. 2000.

### Look at other dictionaries:

• Par of exchange — exchange ex*change ([e^]ks*ch[=a]nj ), n. [OE. eschange, eschaunge, OF. eschange, fr. eschangier, F. [ e]changer, to exchange; pref. ex out + F. changer. See {Change}, and cf. {Excamb}.] 1. The act of giving or taking one thing in return for… …   The Collaborative International Dictionary of English

• par of exchange — The theoretical rate of exchange between two currencies in which there is equilibrium between the supply and demand for each currency. The par value lies between the market buying and selling rates. See also mint par of exchange …   Big dictionary of business and management

• par of exchange — The precise equality or equivalency of any given sum or quantity of money of one country, and the like sum or quantity of money of any other foreign country into which it is to be exchanged. The par of the currencies of any two countries means… …   Black's law dictionary

• par of exchange — relative value of different currencies around the world, exchange rate …   English contemporary dictionary

• par of exchange — the value of the monetary unit of one country expressed in terms of the monetary unit of another country using a given standard of value (as purchasing power); specifically : par I 1a …   Useful english dictionary

• par of exchange — The value of the money of one country in that of another; the relative melting value of the gold coins of each of two nations. Murphy v Kastner, 50 NJ Eq 214, 220, 24 A 564 …   Ballentine's law dictionary

• mint par of exchange — par 1a …   Useful english dictionary

• mint par of exchange — The rate of exchange between two currencies that were on the gold standard The rate was then determined by the gold content of the basic coin …   Big dictionary of business and management

• exchange — ex*change ([e^]ks*ch[=a]nj ), n. [OE. eschange, eschaunge, OF. eschange, fr. eschangier, F. [ e]changer, to exchange; pref. ex out + F. changer. See {Change}, and cf. {Excamb}.] 1. The act of giving or taking one thing in return for another which …   The Collaborative International Dictionary of English

• Exchange broker — exchange ex*change ([e^]ks*ch[=a]nj ), n. [OE. eschange, eschaunge, OF. eschange, fr. eschangier, F. [ e]changer, to exchange; pref. ex out + F. changer. See {Change}, and cf. {Excamb}.] 1. The act of giving or taking one thing in return for… …   The Collaborative International Dictionary of English

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