In which of the these numbers 612 and 173, is the value of 1 lesser?

In the number 5284:

• The digit 4 is in the units place.
• The digit 8 is in the tens place.
• The digit 2 is in the hundreds place.
• The digit 5 is in the thousands place.

Since 2 is in the hundreds place, its value is $2 \times 100$.

$$2 \times 100 = 200$$

The value of 2 in the number 5284 is $\boxed{\text{200}}$.