"Face value" is the nominal, or stated, value of a stock or bond. For bonds, face value is also referred to as maturity value or par value, and it is equal to the amount the issuer of the bond will pay the holder when the bond matures. Since the going interest rates on bonds fluctuate, a bond that has an interest rate above the current market rate may sell for more than its face value (above par), while a bond with an interest rate below the current market rate may sell for less (below par).