How should a used item given as zakat be valued?

Question

If a non-cash item is new, its price is known, but if it is old or used there is difficulty in valuing it. For example, a pair of shoes worth ten rupees which has been worn for three months and is so sturdy that it will last at least two years: if one decides to sell it, one gets half or even less than half the price, whereas in fairness it ought to sell for at least eight rupees. So which price is to be set for the reckoning of zakat?

Answer

Value is the price which people of experience assess; if they assess these shoes at three rupees, then that very price will be taken into account.

Source: Fatawa Mahmudiyya

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