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]