Par value and face value mean the same and are terms most often used with bonds, as they represent how much a bond will be worth at the time of the bond's maturity. Par – and face value – is the dollar amount that bond issuers promise to repay at a future date. For instance, a county might issue $50,000, 15-year bonds to the public for a library. The par value of these bonds is $50,000. In other words, the county promises to pay the bondholders back $50,000 at maturity – or 15 years from the bond issuance. Sometimes, bonds are not issued at their par value. Some bonds are issued at a discount (lower than par value) and some bonds are issued at a premium (higher than par value). The issue price does not affect the par value. The par value always remains the same and equals the amount of money the bond issuer must pay the bondholder when the bond matures.