在票面价值以下, 在标准以下

Par \Par\, n. [L. par, adj., equal. See {Peer} an equal.]
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,
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]