The term STANDARD OF VALUE can be summarized as a measure of worth or value, usually in terms of money. The acronym PAR, which stands for 'PAR value' or 'face value', is often used to refer to the standard of value. PAR value is the nominal or face value of a security, such as a bond or stock certificate, that is assigned by the issuer. It is also the amount at which a security is traded on the open market. In other words, it is the value of a security that is determined by the issuer and not by the market.