For that money I would go with an E-Trac (or used CTX if you can find one). I am back with the E-Trac from the CTX as the performance is pretty close and I liked the sounds and the breakdown (3 piece not 2) of the E-Trac. The CTX sure shines though. As the other poster said, you can look at a White's unit - the V3i for that price range. If you ground doesn't have much mineralization the V3i and E-Trac are pretty similar but in my somewhat mineralized ground I got better depth the E-Trac. Both are great machines for sure.
Also, consider the sounds, balance, etc. Both above machines are a bit heavy and poorly balanced. The CTX is even heavier but the balance is perfect (though I still felt the weight after 4 hours or so). I just love the E-Trac sounds, superior to the CTX and V3i in my opinion (but the V3i gives you much more flexibility if you really need that). I just stick with multi conductive. The E-Trac is a simple and deep and fun machine. Just wish it was lighter...
Oh, I'm a coin hunter and the E-Trac excels there. The V3i could be argued to be better on jewelery I suppose (due to many factors) but the E-Trac still does well there and jewelery is not my main thing, nor is relics.
Albert