My opinion: This model does look to be a genuine scale model of a real ship, built from a kit - definitely not one of the crude "model galleon" caricatures you still see for sale in seaside gift shops - and has obviously had a lot of work and attention put into it, particularly the rigging. (Some of the hull woodwork looks a bit crude, but this may just be due to the low-res photos and worn paint). It's definitely a mid 18th-century "ship of the line" warship - from the lion figurehead and the stern gallery shape it may be the Billing Boats "Norske Love" but I'd need to see more detailed photos to be certain.
I'd definitely say this model is worth more than just throwing in the bin - if nothing else, the fittings and rigging blocks could be salvageable for another project! If you're interested in trying to restore it yourself, I can give you some advice on useful books + web links. If not, then I'd definitely be very interested in buying it from you - I'd like to try building a wood model of a ship of the line from this period, having so far only built small craft like schooners and cutters. I have a fair amount of experience in restoring and repairing old, broken and poorly made models, both wood and plastic!
Alternatively, if you have an eBay account, then as other members have suggested, put it up for auction (probably in the "model kits\boats & ships" category) with a low starting price and you'll probably get some bids. If you do sell it on eBay, then I'd strongly recommend offering postage rather than "collection only" even if you need to find a large box to post it in; generally, low-value "collection only" items don't get much interest, if any.
