Mike J.
Yelp
First of all, I'm biased since Poopsie works there. That being said, NOMM is one of the great treasures Memphis has. The exhibits change every few months and they are always interesting. The grounds of the museum are awesome, it has one of the best views of the Mississippi., especially at sunset.
For $5 you can tour the museum and see the current exhibit. Keep an eye on the Flyer for when they change exhibits. Usually there is a reception on the Saturday or Sunday afternoon, where you can meet the artist. Don't forget to visit the Gift Shop. Say hello to Poopsie, the most excellent Gift Shop Manager. The shop has all kinds of cool stuff made by metalsmiths both locally and in North America. You can find unique jewelry that you won't find anywhere else. If your tastes run that way, you could commission one of the staff artists to create something just for you.
Secret Hint:
The Gift Shop sells jewelry made by Ann Dick. Ann Dick is the wife of Philip K. Dick, the science fiction writer. He wrote a number of novels and short stories (Do Androids Dream of Electric Sheep, The Man in the High Castle), some of which have been made into movies (Blade Runner, Minority Report). He is dead now. His wife is 80 and has just given up metalwork. If you can still snag a piece of her work at the gift shop, it will be a unique piece.
If you're real cheap, it doesn't cost anything to tour the grounds, visit the smithy and the foundry, see the artwork on display outside. Bring your lunch and eat in the gazebo overlooking the river. You can meet some of the staff, either working in the museum or working in the smithy or the foundry. If you've always wanted to beat hot metal with a large hammer, you can sign up for classes. It's fun.
In October, there's Repair Days. They will repair almost any metal objects you can bring in at a reasonable cost. They can sharpen dull knives tools, but not wit.