Par n.
 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.
 2. Equality of condition or circumstances.
 3. An amount which is taken as an average or mean. [Eng.]
 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.
 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.

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 ex·change n.
 1. The act of giving or taking one thing in return for another which is regarded as an equivalent; as, an exchange of cattle for grain.
 2. The act of substituting one thing in the place of another; as, an exchange of grief for joy, or of a scepter for a sword, and the like; also, the act of giving and receiving reciprocally; as, an exchange of civilities or views.
 3. The thing given or received in return; esp., a publication exchanged for another.
 4. Com. The process of setting accounts or debts between parties residing at a distance from each other, without the intervention of money, by exchanging orders or drafts, called bills of exchange. These may be drawn in one country and payable in another, in which case they are called foreign bills; or they may be drawn and made payable in the same country, in which case they are called inland bills. The term bill of exchange is often abbreviated into exchange; as, to buy or sell exchange.
 Note: ☞ A in London is creditor to B in New York, and C in London owes D in New York a like sum. A in London draws a bill of exchange on B in New York; C in London purchases the bill, by which A receives his debt due from B in New York. C transmits the bill to D in New York, who receives the amount from B.
 5. Law A mutual grant of equal interests, the one in consideration of the other. Estates exchanged must be equal in quantity, as fee simple for fee simple.
 6. The place where the merchants, brokers, and bankers of a city meet at certain hours, to transact business; also, the institution which sets regulations and maintains the physical facilities of such a place; as, the New York Stock Exchange; a commodity exchange. In this sense the word was at one time often contracted to 'change
 Arbitration of exchange. See under Arbitration.
 Bill of exchange. See under Bill.
 Exchange broker. See under Broker.
 Par of exchange, the established value of the coin or standard of value of one country when expressed in the coin or standard of another, as the value of the pound sterling in the currency of France or the United States. The par of exchange rarely varies, and serves as a measure for the rise and fall of exchange that is affected by the demand and supply. Exchange is at par when, for example, a bill in New York, for the payment of one hundred pounds sterling in London, can be purchased for the sum. Exchange is in favor of a place when it can be purchased there at or above par.
 Telephone exchange, a central office in which the wires of any two telephones or telephone stations may be connected to permit conversation.
 Syn: -- Barter; dealing; trade; traffic; interchange.

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