I second the motion to consider the MX5.
It is a great machine and it is right at the top end of your budget. Whites has called the machine a "hotrod in disguise" and I believe they're right. It probably wouldn't be my first choice if I mostly hunted relics, but for coins & jewelry the MX5 is tough to beat.
It is a threshold machine - meaning you want to run it with a bit of noise in the background. It is possible to run it silent, but you'll lose some depth. The threshold noise helps you hear the different objects in the ground.
Positives with the MX5:
Lightweight and very easy to swing for hours.
Very good battery life
Very sensitive
Deep - with the right conditions it will go 12 inches on quarters.
Auto ground balance
Easy to use and learn
Whites has great customer service
Has a good variety of coils available
Weather resistant (I take this to mean it can survive use in light rain)
Negatives with the MX5:
Can't lock the ground balance (not an issue with me)
Some might find it too noisy for their tastes (it can run silent, but you lose depth)(I prefer threshold noise, but others don't)
Some complain about the location of the headphone jack (hasn't been an issue for me)
Block notch for discrimination (I prefer the ability to notch out individual VDI numbers)
I absolutely love the MX5. In fact I like it so much that I probably wouldn't have bought a V3i if I had owned the MX5 prior to owning the V3i. I doubt that I would've seen the need for a V3i (if I owned the MX5 prior). Don't get me wrong though; the V3i is still the best machine I've ever used, but the MX5 most definitely takes time away from the V3i. I'll never sell either machine.
If you're more into relic hunting, the T2 is likely the machine for you (in your budget). Were it me, and I mostly hunted relics, I'd also consider the MX Sport, the MX pro, and the Tesoro Tejon (used MX Sport, and MX Pro - to stay on budget).
If coins/jewelry is your thing, the MX5 will be tough to beat. Were it me, I'd also look at the Whites M6, the MX Sport, the MX Pro, Tesoro Outlaw, Tesoro Vaquero, F75, F70. For some of those suggestions I'd look at used machines (staying within your budget).
I think the key thing to take from all the advice is that any suggestions are based upon our experiences and our bias. You'll have to decide which machine is best for you; sometimes what works for me, won't work for you. I'd recommend that you try swinging different machines (dealer/club/friend) to see which machine trips your trigger.