Best Inexpensive DAC


In the last 12 months I have mananged to purchase a used ML27.5, used ML38S and a new pair of Thiel 2.4. I am broke, but I can't stand listening to my old Denon CD player form 1992. I do have a coax digital out on the unit, so I thought of purchasing an interim inexpensive DAC to get me by until I can get something a little better. Any suggestions?
dewinkle
Check out the Channel Islands DAC with the upgraded power supply. I was looking for an inexpensive DAC for my family room system to improve the sound of an older Toshiba DVD player (SD-9000). It is used mainly by my daughters so the Toshiba sees more Muppet Movie and Power Puff Girls DVDs than music playback but I still wanted something decent without spending much money. A member listed a set of the little Channel Islands boxes with an upgraded hard-wired power cable connecting the two for $350 so I decided to give them a try. When they arrived, I hooked them up and looked around for a disc to try and settled on "The Nightmare Before Christmas" (great soundtrack, Danny Elfman is a genius!) just to see if my $350 was well spent. I ended up sitting through the entire movie and then ran upstairs to grab some CDs. The system, although very modest, sounded pretty amazing - Jolida integrated, Athena AS-F2 speakers, Toshiba transport and the Channel Islands pieces wired with DH Labs cables - for a total $1100 investment. Your equipment is of a much higher caliber than my family room system and you could definitely do better for more $ but for around $350 (used) I haven't heard anything that's better.
My vote in the used 300-500 price range would be for any of the monarchy m22* dacs. Very nice and big improvement over the internal dacs of my pioneer dv45a using an m22c.
Assuming "inexpensive" means approx $500, a used Bel Canto 1.1 or a MSB (with 24/96 upsampler card installed) could be worth investigating. I use a Bel Canto 1.1 and am quite satisfied at the price:performance ratio
Cheers