Selling it after was a good idea - I built my own iPod Video by fixing broken iPods for friends, and didn't need the Nano in the end. After a few years I gave it to a kid at church in Shenzhen.
However, I did find a way to convert UBS KeyClub points into cash. They're a loyalty-card system similar to frequent flyer miles, and are worth 1 CHF per point. When my friends visited Geneva, we planned to spend the points in the Manora restaurant. But it was shut! After some thought, we found a store willing to accept the points, bought a suitcase, and returned it immediately for a cash refund. Then we had cash to buy a cheese fondue!
The exchange rate was even better when I could exchange points for iTunes songs - the songs were worth 1.40 CHF. So that's how I collected a lot of legal music in the early days of the iTunes Music Store.