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Call your local paper recycler and ask what the going rate for scrap paper is. It will be slightly higher than that, maybe, but not much.

There are two factors that keep them from being valuable:

A) the information in it is no longer current, so it's not very valuable as a research reference

B) people don't usually throw them away, so there are lots and lots of sets out there.

With respect to B, a lot of people will give them to libraries when they don't want them any more. The library, who has their own current sets of encyclopedias, doesn't want them either, so they sell them at a library sale for almost nothing (I've seen full sets sold for as little as $2).

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