The stockholders' equity section of the balance sheet of Crammond Corporation at December 31, appears as follows:

Stockholders' Equity
$2 preferred stock, $100 par, 10,000 shares authorized	$	670,000
Common stock, $1 par, 100,000 shares authorized		72,000
Additional Paid-in Capital:
From issuance of preferred stock		165,000
From issuance of common stock		710,000
Total paid-in capital		1,617,000
Retained earnings		835,000
Total Stockholders' equity	$	2,452,000

What was the average issue price per share of preferred stock?