Throw it away? Never, as long as it hasn't been bent out of shape or rusted to a point it won't sharpen. I have boxes of old hooks, most with knot attached. I get around to working on them every once in a while. I just use a sharp pocket knife and cut into the knot from the bend end.
I'm especially concious of saving the stainless steel hooks I use for buoy 10 fishing. I retie both sliding and fixed rigs after the season is over. I know mooching rigs are cheap but I only really trust the ones I tie myself. I know the knots are good, line is fresh and hooks are sharp.

[ 01-25-2002: Message edited by: young salt ]