Ni'ihau is a privately owned island which cannot be visited without prior
approval.  Only native Hawaiians live there.  The necklaces are made from
primarily columbellids, sometimes with a Cypraea granulata or other Cypraea.
The shells themselves are not rare and are not the determinant of value for
the necklaces.  Their origin, time involved making them, and complexity,
along with age determines value.
The old ones are considered heirloom quality, and, as others have said, can
be worth thousands of dollars.
I highly recommend the book mentioned: "Ni'ihau Shell Leis" by Linda Paik
Moriarty.

Aloha,
John
John & Cheryl Jacobs
Seffner, Florida
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