face value / originall cost
For a debt security, face value is the amount repaid to the investor when the bond matures (usually, corporate bonds have a face value of $1000, municipal bonds $5000, and federal bonds $10,000). In the secondary market, a bond's price fluctuates with interest rates.If interest rates are higher than the coupon rate on a bond, the bond will be sold below face value (at a  discount ). If interest rates have fallen, the price will be sold above face value. here also called par or par value.n the secondary market, a bond's price fluctuates with interest rates. If interest rates are higher than the coupon rate on a bond, the bond will be sold below face value (at a  discount ). If interest rates have fallen, the price will be sold above face value. here also called par or par value.