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par

平価　—　Measuring

The rate the system lays down. Not the same as the market rate.

Crown of William III Crown of William III1696 Euro coin (2002, the French national side) Euro coin (2002, the French national side)2002
A photograph of the real thing this term names.

Parity is a promise on paper; the market rate is the answer given by the market. If these two continue to diverge, the system will break first. Devaluation is the act of the system's authorities acknowledging that break.