Pagerank is a value between 1 and 10 given to a page by Googles pagerank algorithm. We can only see the pagerank in round numbers but Googles internal pr code keeps many digits. Google's pagerank is was developed by it's founders. And helps Google determine how to rank a page for a search term.
Pagerank relies on the uniquely democratic nature of the web by using its vast link structure as an indicator of an individual page's value. In essence, Google interprets a link from page A to page B as a vote, by page A, for page B. But, Google looks at more than the sheer volume of votes, or links a page receives; it also analyses the page that casts the vote. Votes cast by pages that are themselves "important" weigh more heavily and help to make other pages "important." Important, high-quality sites receive a higher Pagerank, which Google remembers each time it conducts a search. Of course, important pages mean nothing to you if they don't match your query. So, Google combines Pagerank with sophisticated text-matching techniques to find pages that are both important and relevant to your search. Google goes far beyond the number of times a term appears on a page and examines all aspects of the page's content (and the content of the pages linking to it) to determine if it's a good match for your query. Quote from the Google site.
Pagerank is one of the most heavily discussed seo topics out there. Many people can talk for hours about pagerank and what effect some changes can have on a page's pagerank. To make an end to all this chitter chatter here are the facts.