Which type of shares does not have an arbitrary amount stated in its stock certificate?

No par value shares are characterized by not having a specified par value stated in their stock certificates. This means that the company does not assign a nominal or face value to these shares, allowing for greater flexibility in how they are sold and traded. The absence of a par value allows the company to issue shares at whatever price is agreed upon in the market, potentially facilitating easier fundraising and stock transactions.

In contrast, par value shares do have a predetermined nominal value, which can influence how the shares are recorded on the company's balance sheets and how dividends are distributed. Issued value and present value shares are terms that do not conventionally align with stock classification and can lead to confusion. Issued value can imply the actual selling price of the shares rather than their nominal value, while present value isn't a recognized classification for shares in corporate law. Thus, no par value shares is the clear answer here, highlighting the flexibility and market-driven nature of their issuance.