Owners of the first generation iPhone who upgraded to the new iPhone 3G may be left with the original iPhone just sitting in a drawer. You could give the iPhone to a friend or family member if you wanted, however if you want to actually get some cash for it a website called Freeiphoneswap.com may be able to help.

The website says it has increased what it pays for the original iPhone by $50. Depending on the model iPhone owners can get $150, $250, or $350 for the original iPhone. The amounts are for the 4GB, 8GB, and 16GB iPhone’s respectively. The company says that it recycles the phones and will donate part of the proceeds to youth education programs.

"We are providing a unique service to consumers, allowing them to upgrade their equipment without the risks involved with something like eBay or Craigslist," said Freeiphoneswap.com spokesman, Sam Hickson. "After the release of the 3G iPhone, demand for such a service was so high we were able to increase the offer price. We take in all working original iPhone’s and give the consumer, in most cases a payout equal to the cost of the standard upgrade to the new 3G."

Via FreeiPhoneSwap.com