A federal police spokeswoman in the city of Sao Paulo said the woman, who will receive $65,600 (35,800 pounds) for the weaponry that ranged from muskets to mortar shells, told police she was the daughter of a late guns collector.
Police transported the guns from her house under heavy escort on Friday and would not reveal her identity.
Police across Brazil have received 5,362 weapons since the July 15 start of the government-sponsored campaign to cut firearm ownership in a country with one of the world's highest murder rates.
For every gun that is handed in, be it licensed or illegal, owners get up to $100 and no questions are asked.
Federal police initially hoped to withdraw 80,000 guns by the end of the program in December but they now expect higher numbers after the first week.
In crime-ridden Rio de Janeiro, state authorities are offering as much as $330 for machine-guns and other heavy armaments, as well as extra payment to police who confiscate weapons from criminals.