Okay, that one, I liked...
To answer the question, hell, use common sense. If you've got a recycle place nearby, go for it. If it's worn so bad with broken edges that it would be like wrestling a pit viper, toss it. But kudos for not trying to keep it past its prime, that's an area where 'saving money' just isn't worth the risk.
Just wanted to know if there was any value to used steel cable from my winch. Common sense told me "wait, don't throw it out yet - it might be useful if someone cut it up into smaller pieces"
Probably not, unless you have a half-ton or steel around or so. Here, it just isn't worth the gas it takes to haul the steel in, so I put it in the kerbside bin we get here in Santa Clara County (saves quite a bit of running about for me...)