That ratchet is a very late model. If it has Made in USA on it it's worth rebuilding. If not, it's made in China and to me it has no value.
When that type of ratchet is rebuilt, all the insides are replaced with new gears, plastic selector switch, (you did notice the selector switch was plastic, didn't you?) snap ring, steel ball and spring and lubricant. The rest of the ratchet just carries the parts. Therefore, I would clean and oil the ratchet and go to Sears and ask to buy a repair kit, which is probably in the !0- Fifteen dollar range. Quite possibly they will rebuild the ratchet for you which will be better since there is a minor trick to it using a special tool to hold the ball and spring in place. You can do it with a stiff piece of plastic, but you should di it while holding ratchet in a plastic bag to prevent loss of parts. Note: The US ratchets and the Chinese ratchets require different rebuild kits.
I said at the first that that one is a late model. You can tell by the surface under the selector. It is as received from the forging process. Earlier ones had that surface poorly machined. Still earlier ones had that surface nicely machined, and the very early ones(MID 1980S) had nice machining plus had a bronze(I think) selector lever and a much smoother action.
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