More about the value of a hand reg and why it's unlikely that you will find a valuable one:
Hang regs fall into 2 groups
A never registered domain
No one has EVER thought of the wonderful idea you have for your domain. You are either a genius, or your idea has no value. Which do you think is more likely?
A domain that dropped after being previously registered
Before a domain is dropped it must fall through multiple filters that will typically catch any valuable domains. First, it is likely that the original owner didn't think it was valuable enough to keep. Then, most registrars have their own filters to pick up valuable domains and send them to auction. Finally, most experienced domainers have access to lists of domains that are about to drop, and pick out ones that are valuable They use a drop catcher like Pool.com, Snapnames.com and Namejet.com to grab them before anyone can re-register them.
SO, after all that, it is pretty unlikely that you will find a diamond in an unregistered domain. AND even if you do, you will have gone through MANY, MANY pebbles that each cost you $9 each or so, and eaten up your profits.
Have I done it? Yes. Did I make back the money for all those pebbles? No comment.