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There are a number of ways of determining the value of and selling a toy train. If there is a hobby shop near you, you could start by getting a value from them.
You could try looking on eBay www.ebay.com for past sales to see what the train has sold for. Putting a listing on eBay will also allow the market place to value your train.
There are a number of price guides that are published that could help you find out what the train is worth:
Greenberg's Pocket Price Guides
TM's Price Guides
Other Price Guides
You could also contact one of the Toy Train Clubs that could put you in touch with a member that would be knowledgeable about your train.
The Train Collectors Association Western Division has a page of Tips to help understand the value of a toy train.
The Lionel Collectors Club of America has a FAQ page about toy train collectability.
A Google search of 'Determining The Value of Toy Trains' will provide many other resources.
You would be well served by getting bids from a number of different people to help insure you are being paid a fair value.