The concept of numerical
range is extended from normed algebras to locally m-convex algebras. It is shown
that the approximating relations between the numerical range and the spectrum of
an element are preserved in the generalization. The set of elements with bounded
numerical range is characterized and the relation between boundedness of
the spectrum and of the numerical range is discussed. The Vidav-Palmer
theory is generalized to give a characterization of b∗-algebras by numerical
range.