Pearl Dreams got it right! That is a lovely and versatile piece of jewelry. It is wearable on a strand of pearls or one of semi-precious gemstones, like amethysts, which is a popular style this year.
I personally can't value it, but if you want to sell it, the value is considerably less than if you want to insure it. If you sell to any kind of dealer, he has to give you less than the appraised value so he can sell it at appraised value or even with a discount since is it pre-owned. Ebay and other auctions also take a cut for fees -and pawn shops don't love pearls and pay the least. It is unlikely you will find anyone who will give you its replacement value.
People often think they can sell their pearls when times are hard. This is a myth. This has not been true for a century and then, only for natural wild grown and harvested pearls and those mostly to and between the very richest people and the newly poor aristocrats. Cultured pearls loose most of their retail value the minute they leave the store. (That is one good reason to buy new strands from the world class online sellers. They are already selling for a fraction of retail, so you have more realistic expectations about their resale value, which is still less than for new discounted strands.)
It looks like it could use a gentle washing- there is dust gathered around the bail. It is ok to wash the pearl off in running water with some clear shampoo or castile soap if you don't have a brand of pearl cleaner handy.
You may as well just wear it, for it is a lovely piece.
