Navigator 2.0, Internet Explorer 3.0
option.value
value is a read/write string property of the Option object. It specifies the text that is passed to the web server if the option is selected when the form is submitted. The initial value of value is specified by the VALUE attribute of the <OPTION> tag. If the form will be submitted to a server (as opposed to simply used by JavaScript on the client side) then each Option object within a Select object should have a distinct value.
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