diff --git a/CRM/Price/BAO/PriceField.php b/CRM/Price/BAO/PriceField.php
index 8e1829be01ad..5d299fc76f9d 100644
--- a/CRM/Price/BAO/PriceField.php
+++ b/CRM/Price/BAO/PriceField.php
@@ -94,8 +94,7 @@ public static function create(&$params) {
     }
     $optionsIds = array();
     $maxIndex = CRM_Price_Form_Field::NUM_OPTION;
-    $priceField2 = civicrm_api3('price_field', 'getsingle', array('id' => $priceField->id));
-    if ($priceField2['html_type'] == 'Text') {
+    if ($priceField->html_type == 'Text') {
       $maxIndex = 1;
       $fieldOptions = civicrm_api3('price_field_value', 'get', array(
         'price_field_id' => $priceField->id,
@@ -103,6 +102,13 @@ public static function create(&$params) {
       ));
       foreach ($fieldOptions['values'] as $option) {
         $optionsIds['id'] = $option['id'];
+        // CRM-19741 If we are dealing with price fields that are Text only set the field value label to match
+        if (!empty($params['id']) && $priceField->label != $option['label']) {
+          $fieldValue = new CRM_Price_DAO_PriceFieldValue();
+          $fieldValue->label = $priceField->label;
+          $fieldValue->id = $option['id'];
+          $fieldValue->save();
+        }
       }
     }
     $defaultArray = array();
diff --git a/tests/phpunit/api/v3/PriceFieldTest.php b/tests/phpunit/api/v3/PriceFieldTest.php
index 32d64b96233f..4798a4d890a4 100644
--- a/tests/phpunit/api/v3/PriceFieldTest.php
+++ b/tests/phpunit/api/v3/PriceFieldTest.php
@@ -115,4 +115,44 @@ public function testGetFieldsPriceField() {
     $this->assertEquals(1, $result['values']['options_per_line']['type']);
   }
 
+  /**
+   * CRM-19741
+   * Test updating the label of a texte price field and ensure price field value label is also updated
+   */
+  public function testUpdatePriceFieldLabel() {
+    $field = $this->callAPISuccess($this->_entity, 'create', $this->_params);
+    $this->callAPISuccess('price_field_value', 'create', array(
+      'price_field_id' => $field['id'],
+      'name' => 'rye grass',
+      'label' => 'juicy and healthy',
+      'amount' => 1,
+      'financial_type_id' => 1,
+    ));
+    $priceField = $this->callAPISuccess($this->_entity, 'create', array('id' => $field['id'], 'label' => 'Rose Variety'));
+    $priceFieldValue = $this->callAPISuccess('price_field_value', 'get', array('price_field_id' => $field['id']));
+    $this->assertEquals($priceField['values'][$priceField['id']]['label'], $priceFieldValue['values'][$priceFieldValue['id']]['label']);
+    $this->callAPISuccess('price_field_value', 'delete', array('id' => $priceFieldValue['id']));
+    $this->callAPISuccess($this->_entity, 'delete', array('id' => $field['id']));
+  }
+
+  /**
+   * CRM-19741
+   * Confirm value label only updates if fiedl type is html.
+   */
+  public function testUpdatePriceFieldLabelNotUpdateField() {
+    $field = $this->callAPISuccess($this->_entity, 'create', array_merge($this->_params, array('html_type' => 'Radio')));
+    $this->callAPISuccess('price_field_value', 'create', array(
+      'price_field_id' => $field['id'],
+      'name' => 'rye grass',
+      'label' => 'juicy and healthy',
+      'amount' => 1,
+      'financial_type_id' => 1,
+    ));
+    $priceField = $this->callAPISuccess($this->_entity, 'create', array('id' => $field['id'], 'label' => 'Rose Variety'));
+    $priceFieldValue = $this->callAPISuccess('price_field_value', 'get', array('price_field_id' => $field['id']));
+    $this->assertEquals('juicy and healthy', $priceFieldValue['values'][$priceFieldValue['id']]['label']);
+    $this->callAPISuccess('price_field_value', 'delete', array('id' => $priceFieldValue['id']));
+    $this->callAPISuccess($this->_entity, 'delete', array('id' => $field['id']));
+  }
+
 }