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They can be recycled for various metals etc. Don’t know where you are but some municipal or town offices have collection bins for electronics.

The model has been end of life by Apple and many common apps (FB messenger mainly comes to mind) so it's not a total smart phone, but it's still perfectly good as a phone.  
 
I recently bought an old iPhone 5c to replace a landline to cellular gadget (not sure what these devices are called) as my cordless phones were starting to go haywire and I didn't want to bother replacing them. The phone does the job perfectly fine, albeit without text (since to the telco, it's still a "landline"). It also works for facetime.  
 
How much it is worth depends on the shape of the phone and the buyer, but it's good for an older person. I've found that older (or just tech fearful) people tend to master iOS MUCH easier than they do Android.  
 
Throw it up in the ads. Say, $80 or best offer. That is about the going rate on eBay.  
 
Edited by Simonwalcal, 2020-12-18 00:45:13

May not get much for it but my parents are both still using a 4s and 5s and they work just fine for their needs. They have no interest in upgrading. Sometimes simpler is better for some folks.

Before you throw it out, try selling it in the classifieds for $20, or just offer to give it to someone.  
 
It may not have complete value as a smartphone, but it could be a useful phone for someone that doesn't have the means to get a new phone.  
 
Beats sending it to the dump!