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Page Rank (PR) is a Google trademark. It's a technology for ranking the quality of a page based on citations i.e. inward links.
Google says: PageRank reflects our view of the importance of web pages by considering more than 500 million variables and 2 billion terms. Pages that we believe are important pages receive a higher PageRank and are more likely to appear at the top of the search results. PageRank also considers the importance of each page that casts a vote, as votes from some pages are considered to have greater value, thus giving the linked page greater value. We have always taken a pragmatic approach to help improve search quality and create useful products, and our technology uses the collective intelligence of the web to determine a page's importance.
Page rank can be checked by downloading Google's toolbar or by using third party services that query Google.
PR rises in a logarithmic scale from 1-10 and is depicted in the Google toolbar via a collection of green pixels. Sites with PR10 show up as a complete green bar while sites with PR0 show up as white. A grey toolbar for a page may suggest a problem with that page.
The PR depicted by the toolbar is not considered a very accurate predictor of a site's performance in search engine rankings any more. However, a lot of webmasters still attach a higher value to a site with high PR pages than low. That's partly because pages with higher PR command a higher price when they sell on-page links.