An application of the contingent valuation method (CVM) for estimating the economic value of a regional public library service is described, and some of the key methodological issues surrounding CVM and other stated preference techniques are discussed with reference to library use and funding contexts. Given the range of valuations that can result from different forms of question, it is important to only compare resulting benefit‐cost ratios based on the same survey design. However, if CVM surveys are carefully designed and administered, they can produce estimates that are as convincing as those produced by other valuation methods. It was found that the Wagga Wagga City Library, in New South Wales, Australia, provides good value for the money, in line with that of other comparable studies in the United States and Norway.