We have a Kenmore Series 70 Washer Model 110.82370820 (top loading) which had a bra wire (about 4-5" long) trapped between the washer tub and the drum. It was protruding slightly from one of the holes in the tub and I tried recovering it with tweezers and pliers. Alas, in doing so, it fell into the space between the tub and drum. The washer has not been used since this happened yesterday.

1. How can I recover this piece of wire? Will it need expert (hired) help?

2. If I do not recover this wire, what is the risk that it will cause any damage (such as to a seal, etc.)? In other words, can I simply let it lie if it does not make terrible noises and rattle around in the drum? The washer is 20 years old, and it has been a wonderful washer.. but I would not want to spend a few hundred dollars to get at this wire.

Thanks

Risk of damage high.

You will have to pull the top off the washer to effect a repair. If you know how to do that have at it if not call for service.

Yes, you are taking the chance of tearing up the seal or of having it falling into the pump and damaging that too.
If you take the cabinet & console off and the outer tub ring (white) you MIGHT see it if you're lucky. You might be able to fish it out with a straightened coathanger or something. It's not going to be easy. Maybe you could attach a magnet or some really sticky tape to somehow get in around the inner tub.(or under it if you have to)
If you can't get it out you will have to take out the inner tub. This will involve taking off the agitator, the spanner nut, the drive block, and the inner tub. If the machine is 20 years old, you will probably want to use a spanner wrench and lots of Wd40. If you have to do all that you might as well replace the tub seal, clean, and inspect the outer tub for holes. Then clean up everything else and replace the agitator dogs while you're at it.
By the way Kenmores are manufactured by Whirlpool.