You can't save money on a metal detector by doing it yourself. Doing it yourself is in the realm of hobby stuff just having fun.
If you want to DIY for fun, go the pulse induction route. But only if you are equipped with an electronics workbench and have lots of experience making things work which at first they didn't, otherwise find some other hobby. The reason why I say go PI is because PI does not require induction balance searchcoils, and getting "halfway there" is relatively easy. The "Blind Squirrel" schematic posted earlier in this thread is for real and is probably the simplest PI I've seen that still stands a chance of air testing more than 6-7 inches on coins. Of course it's not going to compare favorably with reputable commercial metal detectors made in the last 20 years.
If what you really want is a cheap metal detector that actually works, you can get a Bounty Hunter for something like $100 or even less. BH has a forum on this site if you want to know more. The BH's are not high performance machines, but they are real metal detectors designed by real metal detector engineers who also design high performance machines. They're not toys designed by some 24 year old EE in China who hasn't the foggiest notion what a real metal detector is much less how to make one come off a production line.
Below about the $160 level, BH is it, we have no competitors. Above the $160 level, there are lots of choices, both from BH-Tek-Fisher in El Paso Texas, and from other made-in-USA manufacturers. In the "Made in El Paso" lineup, I regard our current economy "value leaders" as the Fisher F2, BH Platinum, and Teknetics Delta & Eurotek Pro, all of which can usually be had for less than $300.
If you want to build your own metal detector, you may be able to nickel and dime some of the bench stuff, but a 2-channel scope is a necessity and a new one will run you about $400 and you shouldn't trust a used one unless you know the source personally.
Summarizing: you need to decide what hobby you're pursuing-- electronics prototyping, or metal detecting.
--Dave J.