Reading the doc of ledger 2.6 and trying it
from chapter 3.3 Commodities and Currencies:
ledger -T "{1 AU}*(O/P{1 AU})" balance checking

Tried it:
While parsing option '--total' (-T): While parsing value expression:   {1 
AU}*(O/P{1 AU})             ^ Error: Wrong number of arguments to 'P': saw 
0, wanted 2

Trying to fix this, changed the option to: -T "(1$)*(O/P(1$,2012/08/10))"
Reuslt:
Error: Invalid date passed to P(value,date)

What is invalid with date?

This is the windows version downloaded from 
http://www.ledger-cli.org/download.html.

>ledger -v

Ledger 2.6.1, the command-line accounting tool

Copyright (c) 2003-2008, John Wiegley.  All rights reserved.

This program is made available under the terms of the BSD Public License.
See LICENSE file included with the distribution for details and disclaimer.

(modules: gmp, pcre, xml)

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