Found 1 items, similar to Par of exchange.
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Definition: Par of exchange
, n. [L. par, adj., equal. See Peer
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.]
[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,
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
[Webster 1913 Suppl. +PJC]
, at the original price; neither at a discount nor at
a premium; -- used especially of financial instruments,
such as bonds.
, at a premium.
(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
, nominal value; face value; -- used especially of
financial instruments, such as bonds.
[1913 Webster +PJC]
([e^]ks*ch[=a]nj"), n. [OE. eschange,
eschaunge, OF. eschange, fr. eschangier, F. ['e]changer, to
exchange; pref. ex- out + F. changer. See Change
, and cf.
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. --Shak.
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
[1913 Webster +PJC]
Arbitration of exchange
. See under Arbitration
Bill of exchange
. See under Bill
. 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.
, 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.