PAR

In commercial law.’ Equal; equality. An equality subsisting between the nominal or face value of a bill of exchange, share of stock, etc., and its actual selling value. When the values are thus equal, the instrument or share is said to be “at par;” if it can be sold for more than its nominal worth, it is “above par;” if for less, it is “below par.” tt Edward v. Fish, 156 N. Y. 363, 50 N. E. 973; Evans v. Tillman, 38 S. C. 238, 17 S. E. 49. Par of exchange. In mercantile law. The precise equality or equivalency of any given sum or quantity of money in the coin of one country, and the like sum or quantity of money in the coin of any other foreign country into which It is to be exchanged, supposing the money of such country to be of the precise weight and purity fixed by the mint standard of the respective countries. Story, Bills, 4 30. Murphy v. Kastner, 50 N. J. Eq. 220, 24 Atl. 564; Blue Star S. S. Co. v. Keyser (D. C.) 81 Fed. 510. The par of the currencies of any two countries means the equivalence of a certain amount of the currency of the one in the currency of the other, supposing the currency , of both to be of the precise weight and purity fixed by their respective mints. The exchange between the two countries is said to be at par when bills are negotiated on this footing; t. when a bill for ?100 drawn on London sells in Paris for 2,520 frs., and vice vena. Bowen, Pol. Econ. 284.