Yet I glory More in the cunning purchase of my wealth Than in the glad possession.

-Jonson, Ben
  Volpone, act1, sc.1.

The word, it is to be observed, has two different meanings, and sometimes the utility of some particular object, and sometimes the power of purchasing other goods which the possession of that object conveys. This one may be called 'value in use'; the other,'value in exchange'. The things which have the greatest value in usehave frequently little or novalue in exchange; and on the contrary, those which have the greatest value in exchange have frequently little or no value in use. Nothing is more useful than water: but it will purchase scarce any thing; scarce any thing can be had in exchange for it. A diamond, on the contrary, has scarce any value in use; but a very great quantity of other goods may frequently be had in exchange for it.

-Smith, Adam
VALUE1776  An Inquiry into the Nature and Causes of theWealth of Nations, bk.1, ch.4.