1.4 is probably referring to a players "handicap", that is the number of strokes above or below par that a person will usually finish. There are other factors in play, however, in the calculation of that number, and many players debate the effectiveness of the current handicapping system.
This goal of the system, however, is to allow players of different abilities to compete against one another. Pros don't have handicaps, so its usually found in amateur tournament settings.
1.4 is also the handicap which you must have in order to attempt to qualify for the United States Open.
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