The legal term signifies a theft offense involving property exceeding a specific monetary value or involving particular types of items, regardless of value. For instance, stealing a firearm, or an automobile may constitute this crime, irrespective of the item’s current market worth. The threshold value distinguishing this infraction from petty theft varies depending on jurisdiction.
Classification as this type of larceny carries significant ramifications due to the heightened penalties compared to lesser forms of theft. Historically, differentiating theft based on value was implemented to reflect the severity of the impact on the victim and to ensure proportionate punishment. Conviction can lead to felony charges, longer prison sentences, and a criminal record that impacts future employment and other opportunities.