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From lawbrain.com

In commercial law, equal; equality.

The term par refers to an equality that exists between the nominal or face value of a document—such as a bill of exchange or a share of stock—and its actual selling value. When the values are equal, the share is said to be at par; if it can be sold for more than its face value, it is above par; if it is sold for less than its nominal value, it is below par.