How valuable would a fossil found in my backyard be?

As a general rule, universities and museums don't buy fossils. They're either donated. loaned or borrowed. They could also offer to The odds are very large that the fossil you're sitting isn't worth much, and that they know of the fossil layer allready and have plenty of fossil from it.

But, you could always get lucky and have a rare find, in which case they might be willing to dig up your yard, if you permit it. You may get payed for it, but don't expect to much, a few thousand on top of expenses at best.

Of course, if you're sitting on a complete skeleton, the price goes up, but the odds of that are like striking oil in your backyard. Most fossils are a dime a dozen, there are places where you can literally dig them up by the bucketload.

It all depends on the age and rarity of the fossils.

Depends on the fossil you found. If it is very common, the university might not be interested. If it is rare, then they probably would.

However, nearly all fossils have value to collectors, so if the university is not interested, then there are others who would be, and you could fetch a decent price for it, depending on what it is.

Depends on where you live. Have other fossils been found in your area? What is the geological history of the land there? What layer of rock is close to the surface?