By common law the stealing of goods above the value of twelve-pence is called grand larceny, and when of that value or under, it is petit larceny.4 And in some of the states these two grades of larceny are recognized, making the stealing of goods of or above a certain amount in value grand larceny, and the stealing of goods under that amount in value, petit larcency. Under the old common law petit larceny was a felony, but by statutes it is now generally a misdemeanor. Under the statute of Illinois, if the property stolen exceeds the value of fifteen dollars, the offense is a felony. But if the property stolen is of the value of fifteen dollars or less the offense is a misdemeanor.

1 Blackstone Com., 229. 2 18 Am. & Eng. Ency. Law, 439 (2nd Ed.).

3 111. Stat., Chap. 38, Sec. 167. 4 4 Blackstone Com., 229; 2 East, P. C, 553.