My first mandolin was a Kentucky 150S, which I bought from a friend for $185. New they're around $300 or so. It's very good for a starter mandolin. With a good setup it plays very well and sounds quite good, better than a lot of other cheap mandos. I still have it.
A year ago I bought a brand new Breedlove Crossover O mandolin (oval hole A style) for $500. All solid woods, and very, very nice, plays beautifully and has a very nice sound (better than the Kentucky). I got it from FolkMusician.com in Reno NV. They do a setup there before the send it out. I highly recommend them.
Jack
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