Nolo's Plain-English Law Dictionary

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Petty Larceny: A term used in many states for theft of a small amount of money or objects of little value (such as less than $500). It is distinguished from grand larceny which is theft of property of greater worth, which is a felony punishable by a term in state prison. Petty larceny is a misdemeanor punishable at maximum with a term in the county jail.