under par

If it can be purchased for less, exchange is under par and is against London.

Time is always quoted under par at a summer resort; why should the idlers heedlessly load up with too much of the stock?

All government securities were under par, even for depreciated bank notes.

Their bonds were sold under par, though the discount was usually hid by a trick: pay was often received in depreciated paper.

He says if these people could count their should-have-hads they'd all be playing under par.