Is a low priority higher or lower than no priority?

Let's say you can assign priority to a list of items where the priority can be either of: 'High', 'Medium', 'Low' and no priority set

Would you consider 'low' priority higher or lower than no priority?

Edit: To give a bit more context, suppose you have a list of jobs that you have to do and by default, the jobs are created with no priority, sometimes weeks/months in advance. The priority is assigned by a person doing the scheduling closer to the job's due date such that people know which jobs are more important to complete within a given day.

Part of the reason for the question is that when talking about jobs being able to have both low and no priority, it seemed ambiguous to me which one is actually higher than the other. A colleague argued that low priority is higher because it is assigned a priority vs you could also take the view that low priority is lower than the default of no priority.