the par or face value of a debenture is:

the amount that debenture holders will receive on maturity of the debenture.

the amount that a debenture holder would be prepared to pay for a debenture when the coupon rate is below the interest rate the debenture holder considers appropriate.

the amount debenture holders will receive annually until the debenture matures.

the amount that a debenture holder would be prepared to pay for a debenture when the coupon rate is above the interest rate the debenture holder considers appropriate.