When a data item contains editing symbols in its PICTURE string, the character positions represented by those symbols will contain editing characters when data is moved into the data item. In a VALUE clause, initialization is not affected by the editing symbols. This means that the data in the VALUE clause will be placed into the item as is, and editing will not take place as it does in the MOVE statement.
01 E PIC X/X VALUE SPACE. (Result = " ") 88 V VALUE SPACE. SET V TO TRUE (Result = " / ") MOVE SPACE TO E (Result = " / ")
01 E PIC X/X VALUE SPACE. (Result = " ") 88 V VALUE SPACE. SET V TO TRUE (Result = " ") MOVE SPACE TO E (Result = " / ")
01 E PIC X/X VALUE SPACE. (Result = " ") 88 V VALUE " / ". SET V TO TRUE (Result = " / ") MOVE SPACE TO E (Result = " / ")