Rock Island M1911.
I concur with this one; I love mine. Only thing I did was put on some Hogue Grips ($15), since I'm not a fan of the plain wood ones.

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Rock Island M1911.
MHO? You get what you pay for. Not something I heard, saw it with my own eyes. A close friend bought a Taurus 357 snubby for CC, same reason as your post, cost. Less than 100rds, (all 38spl), the cylinder fell off in his hand. In all fairness, Taurus made it right, but it's not a piece I'd ever trust again. Your call, Harry. Me? I'd save up a little longer, get a S&W or Ruger.
"Cheap" and "good" don't normally belong in the same sentence. Are you talking "cheap" over the short term or the long term? If the thing goes "click" instead of "boom" at the worst possible time, I hope you will think it was all worthwhile.
Bat - I guess lowest quality would be the question prices can vary...Harry
This 25 ACP Tanfoglio cost me less than $150. It goes "bang" every time I pull the trigger and it's accurate to about 20 feet. With an itty-bitty IWB holster it fits right well in my boot and since ammo is $20 a box (when I can find it), I also reload for it - which is another thread entirely.
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Mosin Nagant $100 with accessories last summer, almost forgot.