Many UK convicts were sentenced to transportation to Australia for petty crimes such as stealing bread or a handkerchief. My own Great Great Great Grandmother was sent to Australia from Ireland for stealing potatoes.
What were the reasons for such petty offenses receiving such large penalties by today's standards? It seems such a harsh way to settle a new country.
In your example the crime would be petty larceny if the goods were worth less than one shilling. This was a misdemeanour so a penalty short of death was normal. For goods over 1s the crime was Grand Larceny and this did carry the death penalty. In practice courts tried to find alternatives such as corporal punishment or transportation. So many crimes carried the death penalty in theory that punishment like transportation was seen as merciful. It was believed to be strict enough to deter potential offenders and would remove criminals from society.