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# Par Value

(1) The face value or principal value of a bond, typically $1,000 per bond.
(2) A bond trading in the market at its face value.
(3) The face value of a preferred stock on which book value, liquidating value, and dividend payments are based; typically, $100 per share.
(4) The stated value of common stock used primarily for bookkeeping purposes. It has no relationship to market value.