The ATM ate my iPhone!

California is the test market for a new ATM-like device that will buy your old phone off of you. The Eco ATM, on display at this year’s Consumer Electronics Show, takes your gadget, photographs it and analyzes its guts before telling you how much it’ll pay you for it. Then you drop it in, and get your cash.

┬áHere’s more from the story:

In a demonstration by EcoATM founder Bill Bowles, it said a Verizon iPhone 4 was worth $221.

An older phone might not be worth reselling, but the machine will take it anyway, and give you a dollar. The company will melt down the phone in an environmentally friendly fashion to extract the precious metals from it.

Currently, there are about 50 of these machines around San Diego (location map here). So next time you’re down there, bring your Palm Pilot or iPhone 3.

And here’s a video: