In order to establish a violation of 18 U.S.C. § 666(a)(1)(A) the United States must establish that the illegally obtained property had a value of $5,000 or more. Neither the statute nor the legislative history define value.
However, 18 U.S.C. § 641 defines value as "face, par, or market value, or cost price, either wholesale or retail, whichever is greater." Similarly, 18 U.S.C. § 2311 defines value as ". . . the face, par, or market value, whichever is the greatest, and the aggregate value of all goods, wares, and merchandise, securities, and money referred to in a single indictment shall constitute the value thereof."
In light of these statutes and the absence of any explicit limiting provision in 18 U.S.C. § 666(a)(1)(A) or its legislative history, an equally broad definition of value is not inconsistent with the statute.
Additionally, the United States should not be required to prove the exact or approximate property value. Rather, as in prosecutions under 18 U.S.C. § 641, the United States should be required to show only that the value of the property is $5,000 or more. See Jalbert v. United States, 375 F.2d 125 (5th Cir. 1967), cert. denied, 389 U.S. 899 (1967).
[cited in JM 9-46.100]