Place value is a system that assigns a value to the position of digits in a number. Each place, or position, has its own value - ones, tens, hundreds, thousands, etc. The value of the number is determined by the digit in each place. Place value is important because it allows us to easily write, read, and understand large numbers. Place value can be demonstrated using place value charts or an abacus, which visually represent how each place increases in value from right to left.