the value of the place, or position, of a digit in a number or series: In the number 794, the location of the digit 4 has a place value of one.
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British Dictionary definitions for place-value
denoting a series in which successive digits represent successive powers of the base
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012