The labour value of something, like Money, is the total amount of labour that went into producing and distributing the item for exchange. For example, the labour value of lump of gold is the total amount of labor that went into extracting it from the ground, refining it into purity, forming it into a gold ring, and putting it on a shelf ready for exchange(Sharp, 2009).
The Labour Value of an item may be contrasted with its Labour-Exchange Value
Sosteric, Mike (RSGME). The Rocket Scientists' Guide to Money and the Economy. Lightning Path Press. More Info