Canal connecting Elbląg with Ostróda was built in the XIX century to transport corn to the port of Elbląg. Due to economic and political changes it never played its economic function. Now it is a tourist attraction. The canal is thus of some tourist value which is difficult to assess. Tourist value of the Elbląg Canal was assessed with the travel cost method (TCM) within the study carried out in 2003. The study allowed for estimating the object’s value based on its usefulness expressed by inclination to payment. Three groups of users were distinguished when analysing the demand for recreational canal’s services: tourists using ships of the Elbląg–Ostróda Navigation Company, individual sailors and anglers. Total tourist value of the canal calculated as NPV of the annual value of canal’s services depends on adopted interest rate. At a rate of 3.2% the value is 328 thous. PLN (73.9 thous. euro), at a rate of 4% – 282 thous. PLN (63.5 thous. euro), while at 8% interest rate it decreases to 160 thous. PLN (36.0 thous. euro).