value

The worth of a thing in money, goods, or other property. The effect in exchange of the relative social desire for compared objects expressed in terms of a common denominator. International Harvester Co. v Kentucky, 234 US 216, 222, 58 L Ed 1284, 1287, 34 S Ct 853. Somewhat of a guess, a prediction, or a prophecy; an educated guess which may or may not correspond with ultimate realities. McMurtry v Commissioner (CA1) 203 F2d 659. The amount which a thing will bring in money in the market. State v Doepke, 68 Mo 208. The market value. World F. & M. Ins. Co. v Palmer (CA5 Miss) 182 F2d 707, 17 ALR2d 1217. For rate-making purposes, value must be measured by the sound judgment and common sense of impartial tribunals. Petersburg Gas Co. v Petersburg, 132 Va 82, 110 SE 533, 20 ALR 542. A proceeding for the appointment of a guardian of the estate of an alleged incompetent cannot strictly be said to have a "value in controversy" exceeding $20, so as to come within the protection of the Seventh Amendment of the United States Constitution as to the right of trial by jury, even though the result of the determination as to competency may affect extensive property holdings. Ward v Booth (CA9 Hawaii) 197 F2d 963, 33 ALR2d 1134. See market value.