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Another option I just thought of: if you aren't afraid of finish wear or afraid to detail strip the pistol and replace the springs and inspect for and replace broken/missing/worn parts as needed, there are Systema's out there as well. They are Argentinian, but built on Colt tooling, and under Colt supervision.
The problem with the Systemas is they are both 80 years old and of the earlier heat treatment methods and standards. In plain terms, they're soft. Short of a gut and rebuild, they're not a high mileage gun. And even then the slide and frame aren't going to last like a modern set.
 
Just remember ... If your thinking of going cheaper and think to yourself "well I can just change this or that and maybe buy this or that for it later" don't waste your time and just shell out the money to start with. Upgrades aren't cheap and gunsmiths don't work for free. Springfield GI is a good place to start. When you get used to it and decide you want something a little better ( and you probably will :) ) keep the base model and upgrade to the model that has the features you want.
 
I was in that budget range last year and ended up with the Ruger. Great gun, great customer service, all US made. I figured for a classic American gun I should go US made by a US company, which in that price range pretty much means Ruger, Remington, and Auto Ordnance.
 
The SR1911.

Sig Sauer makes a good 1911 if you can get one that cheap.
Surprised only one reply here mentioning the Sig 1911 line.

If you are a traditionalist, you need not read further, because you will never get past the external extractor and slide profile (though sig does also have *traditional* slide profiles, just not as common)

There just really isnt anything on the market that compares to the value you get with a sig.

I recently picked up a Nightmare Carry, brand new, for the ridiculously low price of about 750$ (+ 25$ transfer) shipped, plus two extra mags after rebate. Front strap checkering, fastback (bobtail), night sights (front dove tail), stainless frame and slide etc... do your research..

Ive also got a stainless vbob, and I know that it isnt on the level of the multiple thousands of dollars 1911s, but between the two I have a hard time justifying the double cost of the DW.
 
Remington R1, Ruger Sr 1911, Taurus PT-1911 Springfield

It used to be that a $600 budget wouldn't get you a whole lot in a 1911 but it will now. Go on Gunbroker.com and look up the models above. There are plenty of low end guns out there for $400-$600 but there are also real values out there in your price range. I have owned a full sized Ruger and it was a very well made good looking gun. I only sold it because I won't carry a 5" gun. I will own one of their commanders someday. The Taurus Pt-1911 is the only 5" gun that I have left. It has a lot of bells and whistles for the price. The Springfield GI is the only bare bones 1911 that I will mention. Good solid gun, lousy sights. Reminton R1, I don't own one but I might soon. Some real good deals on gunbroker right now. Loooks like a whole lot of gun for the money. Remington is even offering a $75 rebate untill the end of the year.:D:
 
I really like the Remington R1 as a "cheaper" 1911, though the price is low the quality is very much there and I think it was an excellent purchase. It was my first 1911, I still own it, though I plan on transferring it to my father's ownership in the near future (still stays in the family) because I'd like him to have handgun on hand.
They really are very nice examples of a 1911, Remington actually used to produce 1911s during the war effort.
 
I have had a RIA Tactical for several years now. The Novak sights are far superior IMO than standard 1911 sights. I have put at least 400rds though it I honestly can't remember it ever jamming. I know some 1911's can be picky about HP ammo. I haven't put much HP through it but it hasn't jammed with what I have done.
 
got a colt, and a springfield, among others, picked up a RI GI plain jane,325$ after replacing the RI magazine(had trouble with em before) with a standard issue GI, have rolled its first 1000 rounds, no hang ups/misfires..
 
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