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A wild guess is that on average, the cards are probably worth FAR more than $5 each. You could have individual cards in there that are worth thousands or more, depending on their condition.
There are guides published with the current values being paid for various cards. If you take a couple hours, that will give you a rough idea of what you're dealing with.
I wouldn't trust either the ebay auction places or a card collection shop; if they know what you have and you don't, it would be easy for them to just lift a card or two that are worth thousands or tens of thousands of dollars, and you'd never know.
What you might do is pay a couple of known collectors to come and evaluate the collection for you, at your house, making it clear you don't want to sell any of the cards, but you're just looking for an insurance valuation. Then, if the info from the two different (unrelated) collectors is similar, you'll have a good idea of what the collection is worth.
If you have the time and energy to put into it, the collection could potentially be worth a VERY large amount of money.
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