Found a vulcan 175 lb made in 1946 I think  looks not bad I am buying it off a co-worker  and I am wondering what a fair price would be 

Price depends on so many factors, it will be truly difficult for anyone to determine unless they're standing right in front of it. Is there any damage? What kind of condition is the face in? And the corners of the face? How about the Hardy hole? And the horn? Any cracks? Any chips? How's the rebound? I hope you see my point now. My advice would be to post more pics if possible, and perhaps the more experienced anvil enthusiats on this site can help you. 

People advertising anvils for sale (Craigslist, Ebay, etc) seem to be asking anywhere between $3 and $5 per pound most of the time.  This is for all conditions, even broken.  Also unidentified brands are most times priced the same.  Seems anything rusty and identified by shape as an anvil is automatically called rare, highly collectible, and antique by most advertising sellers.  Some well known names like PW, Trenton, Fishers can be listed as high as $7 a pound.

A fair price is what you are comfortable paying for it. As well as what your friend is willing to let it go for.  If you both are happy, it was fair.   

I have been keeping an eye out for advertised anvils for sale.  For myself, I have decided a decent usable condition anvil would have to be less than $3 per pound for it to be fair priced for me.  It would have to be really good condition to push the $3 mark for me.  If I find a yard sale, barn sale, flea market anvil, I would be shooting for more like $2 or less per pound.

If I were buying from a friend, I would make sure he knows what similar size/conditions are being advertised for and then ask him what he would be willing to take as a friend.

If it were my anvil and I had no use for it and a friend was interested in it and I knew it could possibly sell for $500-800 to the public, I would probably let it go for $200 to a friend possibly free if you were a good friend.

 

I agree with RobS, who will now be my friend for a $200 anvil!  3-5 or 6 is typical for online sales. Also worth consideration, your location. How hard is this stuff to come by? Are you in a remote location? Supply and demand. 

It also makes a big difference if you already have one or not. I'm assuming you don't have one yet, so think about it. I would only buy an anvil that was a very good deal because I don't need another one. You do need one. Decide what you would be willing to spend for a good sized, lower quality anvil in decent shape. If you can get a better deal elsewhere, look elsewhere. If this is the best opportunity, then YOU decide what it is worth.

Price per pound is the defining characteristic of friendship.