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JCSJCSJCSJCS 

Salesforce Formulas - what does $API do in the formula creation screen?

Hello -
 
What is the $API Field Type used for in the Formula Creation screen?
 
It generates the following formula "code" - depending on the $API version selected
$Api.Enterprise_Server_URL_100
 
OR
 
 $Api.Session_ID
 
Curious how this could be of use.
 
Jonathan