If you love it, then get it reupholstered. Doesn't really matter what anyone else thinks!

Go look at fabric as soon as possible, like everything else, it can be back ordered and you might have to wait weeks/months to get what you want.

Do you have a good upholsterer?

Don't just look at fabric your upholsterer sells. I have found that they don't carry as big a selection as what you will find at a local larger design center.

We had a very similar sofa to this one (ours was celadon velvet) - I always loved it but my kids were always throwing their heads back when watching TV and whacking them on the wood frame (my husband too on occasion lol) so we eventually donated it and bought a more loungy sofa - I mourned the change at first, but our new sofa is deeper and comfier for movie night so I got over it - so no real advice just wanted to say, I know how you feel :)

A sofa that has been around that long and still has a strong frame will outlast any sofa you purchase today, making the cost of upholstery a very worthwile investment. However, you need to think about who sits on your sofa, what times of day, and doing what activities. Do you curl up for nap, sit with multiple people, read, watch TV? Ultimately, comfort is what is most important.

I have a home full of hardwood antiques and completely understand wanting a sofa that compliments that. If you choose to go with a new sofa, you can find understated ones that don't look too modern and will compliment the old vibe of your home.

this looks similar to my beloved sofa. It was my great grandmother's, my grandmother's, my mother's, and now is mine. It brings me joy every time I sit down on it. If you love it, do it!

It's a gem. I would use velvet again, but it could be a different color if you want to change it.

If the frame is of high quality, definitely reupholster.  You may want to shop around for an upholsterer. The prices and workmanship vary greatly as do the prices for high quality fabric. 

I reupholstered two Baker lounge chairs with a high quality sunbrella fabric for much less than I could have purchased two chairs of the same quality. 

I had purchased the pair of chairs at an auction for $100 in 2004 with the intent of reupholstering them.

If you love it, reupholster it. If you don't love it and want something new, see if you can sell it or give it away for free to someone else who might want to reupholster it. It's a lovely sofa and I can absolutely understand why you would want to keep it.

If you love the chair have it reupholstered.

I recently remodeled and had some vintage furniture which I reupholstered. I mixed it with more contemporary furniture.

Mine is an armchair and I did not use the mohair velvet that it originally had but on the advice of my designer I used a modern fabric. I also gilded the wood a bit so that it was a bit lighter in appearance.

My friend had an old wing chair that she did recently but she went in a completely modern way as she used a modern fabric AND she had the wood refinished in a light color. She uses it in her bedroom which has contemporary elegant furniture.

I don't think I would do a sofa in a bold fabric - FWIW the sofa in my living room is a more traditional velvet solid

Here are some examples of reupholstered vintage pieces where the wood frame was an integral part of the design

This is my chair which was a blue mohair originally. This is actually the second time I reupholstered as I think it was originally green mohair velvet.

This is a before and after of my friend's old chair. She bought it at the Salvation Army years ago

This is one of a pair of chairs I inherited from my mother. They were originally upholstered in a cream velvet. In the background you can see new dining room chairs which are a blue pattern but not the same as either of the chairs

This is NOT a chair I own but is a picture I saved from the internet showing a pair of French Art Deco chairs which were reupholstered in very contemporary fabric

If you love the chair have it reupholstered.

I recently remodeled and had some vintage furniture which I reupholstered. I mixed it with more contemporary furniture.

Mine is an armchair and I did not use the mohair velvet that it originally had but on the advice of my designer I used a modern fabric. I also gilded the wood a bit so that it was a bit lighter in appearance.

My friend had an old wing chair that she did recently but she went in a completely modern way as she used a modern fabric AND she had the wood refinished in a light color. She uses it in her bedroom which has contemporary elegant furniture.

I don't think I would do a sofa in a bold fabric - FWIW the sofa in my living room is a more traditional velvet solid

Here are some examples of reupholstered vintage pieces where the wood frame was an integral part of the design

This is my chair which was a blue mohair originally. This is actually the second time I reupholstered as I think it was originally green mohair velvet.

This is a before and after of my friend's old chair. She bought it at the Salvation Army years ago

This is one of a pair of chairs I inherited from my mother. They were originally upholstered in a cream velvet. In the background you can see new dining room chairs which are a blue pattern but not the same as either of the chairs

This is NOT a chair I own but is a picture I saved from the internet showing a pair of French Art Deco chairs which were reupholstered in very contemporary fabric

On my monitor I see a 19th century (probably American made) French settee. Before you reupholster find someone to corroborate my description. If I am correct, the sofa is worth some money. Google and see some of the going prices.

Back to your question, lovely piece, but the Victorians were not known for creating comfort furniture, or comfort anything, for that matter. Your decision to keep or replace depends on how you are going to use it. Everyday sofa or just an accent piece?

I’ll use it every day. Want it in the same type of material and as close as possible to the green. Was thinking that maybe go with a camel or gold…still thinking. I know I do want the bottom as a bench cushion as it’s more comfortable. Down stuffed with foam. Any suggestions as to stuffing?

I know absolutely nothing about stuffing. Some one on houzz will.

I would ask you to look into this brand for performance velvet.

https://www.perennialsfabrics.com/products/fabrics/

There is a very well known designer in my area and I once read where Perennial is her go-to-fabric for looks, feel, wear and tear.

If the stuffing is still good, the upholsterer most likely will use it unless you want to change the firmness. My mother-in-law had down replaced with firm foam in a three-year old Baker sofa that she reupholstered. It looks pretty and will continue to maintain its appearance, but it is very uncomfortable. I feel sure the upholsterer did not recommend the foam since he typically works with professional designers, which she is not.