Pantone (The Pantone Matching System, PMS) is the world-wide standard for spot colors. The PMS color fan is their best known product. To standardize colors and to create a system to catalog colors by number was necessary to be able to communicate colors across the world. Pantone has broadened its horizons over the years, but their main purpose is still to keep the standard.
In layman's terms, when a customer asks you for royal blue, you have a whole range of possible interpretations, but if they ask you for PMS 300 C, that's it, only one color matches that exactly, which is PMS 300 C on my fan, a Chinese printer's fan, and your fan.
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