As with all forms of ephemera, the value of the ephemeral item is based on how the viewer or collector personally values the piece. All ephemera has surpassed it useful period which is exactly what constitutes it as ephemera and therefore is quite difficult to really place a monetary value on a piece that has no practical use today. That is why it up to collectors to determine what sentimental, nostalgic, historic and ultimately the monetary value of the piece to be determined by how much the collector feels it adds value to his collection.
The value of any piece can be subjective; for example, this ribbon would be far more valuable to a Guelph resident that has a connection to the city than someone else. That is why The University of Guelph Library Archive and Special Collections division takes great pride in storing ephemera that hold historical significance in their own community, like that of the Sleeman collection. There is no information regarding the actual monetary value or the consensus monetary value of this particular ribbon on the market, all prices are subjective and speculative.
Ribbons are considered a form of “keepsake” ephemera, only to be received by those attending certain locations or events, not otherwise publically available (Anghelescu, 2001, P.g.67). Considering that this piece was not one that would have been widely distributed or available publically; kept in outstanding condition, and dates back to 1894 which is 122 years ago. It is safe to speculate that this would be an item that holds significant monetary value relative to other pieces in its category.