Pregnant and desperate for money, she has no idea what it’s worth and is only given ten Galleons for it. The locket is later sold to Hepzibah Smith.
According to Caractacus Burke, this happened "just before Christmas," so we're placing it in December.
Merope Gaunt sells Slytherin’s locket to Borgin and Burkes
Date December, 1926
Certainty Stated in canon
Location in Canon HBP10: The House of Gaunt
Type of Event Wizarding world
Although ten pounds seems like a pittance to pay for such an important artifact -- and it is -- the value of ten pounds in 1926 was the equivalent of 641 pounds today. Still a small price for Slytherin's actual locket, but not the tiny amount we imagine.
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