The par value of shares historically indicated the real value of shares and all shares were issued

Question:

The of shares historically indicated the real value of shares and all shares were issued at that price. The concept has changed with time. Describe the meaning of as it has evolved to today.

Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...