I've got about 1 oz. of saffron that I've had for about a year. I keep it in its tin out of light and have the baggie holding the saffron virtually vaccuum sealed.
I don't cook with it all that often and am wondering what the shelf life is.
You should use it though. Just a few strands will gussy up your rice or any number of other dishes.
For future reference, buy it in the Indian Food aisle at Fiesta or other ethnic store. It'a about 1/3 of the price you'll pay at Whole Paycheck or Central Markup and twice as good.