Para has 1911s for around that in the GI models. I had one and loved that gun. They used to be GI Expert and now just Expert, with a few different features. While they are not by any means real GIs, they have a couple of more modern and desirable features, they are also certainly no frills. Sarco has some old Argentinian Colts for exactly prices if you want something true GI and possibly a bluing project! Either way, a fun problem to have right now so good luck and enjoy!
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