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1911 Encyclopedia Britannica
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(1) A money-market term for the price paid in order to obtain immediate realization of a bill not yet due. If a bill for £roo due six months hence is discounted at the rate of 3% per annum, its holder will obtain X98, 10s. in cash for it. (2) A Stock-Exchange term applied to a security, not fully paid, which has fallen below its issue price, and so is said to stand at so much discount. See Premium.