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Nolo’s Plain-English Law Dictionary

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par value
The face value of a stock, assigned by a corporation at the time the stock is issued. The par value is often printed on the stock certificate, but the market value of the stock may be much more than par value. Most common stocks issued today do not have par values, except in states that require it. In some states, shares with a par value cannot be issued at a price less than the par value.
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