diff --git a/Classes/PHPExcel/Calculation.php b/Classes/PHPExcel/Calculation.php
index c159012..4de70eb 100644
--- a/Classes/PHPExcel/Calculation.php
+++ b/Classes/PHPExcel/Calculation.php
@@ -1628,7 +1628,7 @@ class PHPExcel_Calculation {
 												 'argumentCount'	=>	'2'
 												),
 				'VALUE'					=> array('category'			=>	PHPExcel_Calculation_Function::CATEGORY_TEXT_AND_DATA,
-												 'functionCall'		=>	'PHPExcel_Calculation_Functions::DUMMY',
+												 'functionCall'		=>	'PHPExcel_Calculation_TextData::VALUE',
 												 'argumentCount'	=>	'1'
 												),
 				'VAR'					=> array('category'			=>	PHPExcel_Calculation_Function::CATEGORY_STATISTICAL,
diff --git a/Classes/PHPExcel/Calculation/TextData.php b/Classes/PHPExcel/Calculation/TextData.php
index 73a0d0c..7a52d2e 100644
--- a/Classes/PHPExcel/Calculation/TextData.php
+++ b/Classes/PHPExcel/Calculation/TextData.php
@@ -104,7 +104,7 @@ class PHPExcel_Calculation_TextData {
 		}
 
 		if (is_string($stringValue) || is_numeric($stringValue)) {
-			return str_replace(self::$_invalidChars,'',trim($stringValue,"\x00..\x1F"));
+			return str_replace(self::$_invalidChars, '', trim($stringValue, "\x00..\x1F"));
 		}
 		return NULL;
 	}	//	function TRIMNONPRINTABLE()
@@ -587,4 +587,45 @@ class PHPExcel_Calculation_TextData {
 		return (string) PHPExcel_Style_NumberFormat::toFormattedString($value,$format);
 	}	//	function TEXTFORMAT()
 
-}	//	class PHPExcel_Calculation_TextData
+	/**
+	 * VALUE
+	 *
+	 * @param	mixed	$value	Value to check
+	 * @return	boolean
+	 */
+	public static function VALUE($value = '') {
+		$value	= PHPExcel_Calculation_Functions::flattenSingleValue($value);
+
+		if (!is_numeric($value)) {
+            $numberValue = str_replace(
+                PHPExcel_Shared_String::getThousandsSeparator(), 
+                '', 
+                trim($value, " \t\n\r\0\x0B" . PHPExcel_Shared_String::getCurrencyCode())
+            );
+            if (is_numeric($numberValue)) {
+                return (float) $numberValue;
+            }
+
+            $dateSetting = PHPExcel_Calculation_Functions::getReturnDateType();
+            PHPExcel_Calculation_Functions::setReturnDateType(PHPExcel_Calculation_Functions::RETURNDATE_EXCEL);
+
+            if (strpos($value, ':') !== false) {
+                $timeValue = PHPExcel_Calculation_DateTime::TIMEVALUE($value);
+                if ($timeValue !== PHPExcel_Calculation_Functions::VALUE()) {
+                    PHPExcel_Calculation_Functions::setReturnDateType($dateSetting);
+                    return $timeValue;
+                }
+            }
+			$dateValue = PHPExcel_Calculation_DateTime::DATEVALUE($value);
+            if ($dateValue !== PHPExcel_Calculation_Functions::VALUE()) {
+                PHPExcel_Calculation_Functions::setReturnDateType($dateSetting);
+                return $dateValue;
+            }
+            PHPExcel_Calculation_Functions::setReturnDateType($dateSetting);
+
+			return PHPExcel_Calculation_Functions::VALUE();
+		}
+		return (float) $value;
+	}
+
+}
diff --git a/Documentation/FunctionListByCategory.txt b/Documentation/FunctionListByCategory.txt
index 1c3ec5c..b23d9a1 100644
--- a/Documentation/FunctionListByCategory.txt
+++ b/Documentation/FunctionListByCategory.txt
@@ -374,4 +374,4 @@ CATEGORY_TEXT_AND_DATA
 	TEXT                    PHPExcel_Calculation_TextData::TEXTFORMAT
 	TRIM                    PHPExcel_Calculation_TextData::TRIMSPACES
 	UPPER                   PHPExcel_Calculation_TextData::UPPERCASE
-	VALUE                   ***  Not yet Implemented
+	VALUE                   PHPExcel_Calculation_TextData::VALUE
diff --git a/Documentation/FunctionListByName.txt b/Documentation/FunctionListByName.txt
index 02e2f06..45a9daf 100644
--- a/Documentation/FunctionListByName.txt
+++ b/Documentation/FunctionListByName.txt
@@ -355,7 +355,7 @@ TYPE                    CATEGORY_INFORMATION            PHPExcel_Calculation_Fun
 UPPER                   CATEGORY_TEXT_AND_DATA          PHPExcel_Calculation_TextData::UPPERCASE
 USDOLLAR                CATEGORY_FINANCIAL              ***  Not yet Implemented
 
-VALUE                   CATEGORY_TEXT_AND_DATA          ***  Not yet Implemented
+VALUE                   CATEGORY_TEXT_AND_DATA          PHPExcel_Calculation_TextData::VALUE
 VAR                     CATEGORY_STATISTICAL            PHPExcel_Calculation_Statistical::VARFunc
 VARA                    CATEGORY_STATISTICAL            PHPExcel_Calculation_Statistical::VARA
 VARP                    CATEGORY_STATISTICAL            PHPExcel_Calculation_Statistical::VARP
diff --git a/unitTests/Classes/PHPExcel/Calculation/TextDataTest.php b/unitTests/Classes/PHPExcel/Calculation/TextDataTest.php
index 717e8fe..ea7882b 100644
--- a/unitTests/Classes/PHPExcel/Calculation/TextDataTest.php
+++ b/unitTests/Classes/PHPExcel/Calculation/TextDataTest.php
@@ -340,4 +340,24 @@ class TextDataTest extends PHPUnit_Framework_TestCase
     	return new testDataFileIterator('rawTestData/Calculation/TextData/TEXT.data');
 	}
 
+    /**
+     * @dataProvider providerVALUE
+     */
+	public function testVALUE()
+	{
+		call_user_func(array('PHPExcel_Shared_String','setDecimalSeparator'),'.');
+		call_user_func(array('PHPExcel_Shared_String','setThousandsSeparator'),' ');
+		call_user_func(array('PHPExcel_Shared_String','setCurrencyCode'),'$');
+
+		$args = func_get_args();
+		$expectedResult = array_pop($args);
+		$result = call_user_func_array(array('PHPExcel_Calculation_TextData','VALUE'),$args);
+		$this->assertEquals($expectedResult, $result, NULL, 1E-8);
+	}
+
+    public function providerVALUE()
+    {
+    	return new testDataFileIterator('rawTestData/Calculation/TextData/VALUE.data');
+	}
+
 }
diff --git a/unitTests/rawTestData/Calculation/TextData/VALUE.data b/unitTests/rawTestData/Calculation/TextData/VALUE.data
new file mode 100644
index 0000000..505c291
--- /dev/null
+++ b/unitTests/rawTestData/Calculation/TextData/VALUE.data
@@ -0,0 +1,10 @@
+"1000",	        "1000"
+"1 000",	    "1000"
+"$1 000",		"1000"
+"£1 000",		"#VALUE!"
+"1.1",		    "1.1"
+"1 000.1",		"1000.1"
+"13 Monkeys",	"#VALUE!"
+"1-Jan-2014",	"41640"
+"12:34:56",     "0.524259259259259"
+"2:46 AM",      "0.11527777777778"