The word par means established value. A par value stock is stock with an arbitrary or nominal value established by the company’s incorporators. In past times, par value represented the selling price of shares. Now, it has little significance and is not commonly used. Non-par value stock is stock that has no stated value. The shares are issued for consideration or value as the board of directors determines. The value of non-par value stock generally changes or fluctuates with the company’s value. One of the required parts of the initial articles of incorporation is a description of the corporation’s authorized stock and whether it is par, non-par value stock, and/or preferred stock.