Do I need a new well??

Hi There...The well that I have been using to water my plants quit working this year. The pump under the house runs, but no water. I called an area pump expert and he took one look and said that the pump was the original one that had been used for drinking water when the house was built in '50's. He also told me that since the piping was galvanized that it would be a waste of money to try and use it because the underground pipe was probably leaking. He said I would need a new pump and a new well!! Estimated cost $1400!! Does this sound right to you? Thanks for your help...

My thoughts (and I'm not hugely knowledgable but have done SOME digging around)

I don't see why you'd need a new well, UNLESS the well is dry AND unable to be made deeper, not sure if you can open the well cap and check to see if there is water (possibly depends on the depth of the well).