Check the date of the publication on the book, then double check it with information you find on the book - when it was written, first published, who published it. You can do that via a Google search or utilize your library and their staff, or take it to a bookdealer whose speciality is antique books and have it appraised. There are many factors to consider value, not just first edition status. For example, the popularity of the author is a factor. A first edition of a Hemingway novel will exceed the value of a first edition of a virtually unknown author. A second factor is the condition of the book - the bindings, paper, strains, rips, etc.
Yes, first editions are generally more valuable than second and third and so on. Remember that the value is multi-faceted. There is insurance value, historical value (in some cases), and the perceived value in a sale. The amount you come to after doing research may not be what the buyer is in agreement with.
Best of luck to you! Have fun!
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