It was an attempt to distinguish between how people actually value something and how you think it should be valued, now or in the future, based on the information you're taking into account in your own evaluation.
People like Schiff extend this to mean "ability to be used for something else" which is obviously bs. If something has a monetary premium who cares that it has a value of 1% of that for some other use.
Stupid word that we don't need, imo.
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