Crossword Genius

Very old — and value in it misplaced (12)

Ross

I believe the answer is:

antediluvian

'very old' is the definition.
(I've seen this before)

'and value in it misplaced' is the wordplay.
'misplaced' indicates an anagram.
'and'+'value'+'in'+'it'='andvalueinit'
'andvalueinit' is an anagram of 'ANTEDILUVIAN'.

(Other definitions for antediluvian that I've seen before include "Very old (before the Flood)" , "before the water's bubbled up" , "Very old-fashioned (from before the Flood?)" , "Before the flood; ancient" .)

I've seen this clue in The Times.
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