Is it true you can give the apple store your old i phone and get money from it?

my friend told me if you give the apple store in australia your old iphone you can get like some cash and or another one idk but does it work with iphone 3s ?

Take a look at this link, http://www.apple.com/recycling/gift-card/ you will be able to get more selling it on eBay. 

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