I would also agree that you could get a decent bear recurve for about $100. You may want to look around though at various meets and shops and make sure everything is OK. A lot of people like e-bay, but whenever I buy something there, I am always in the "hope" mode until it gets to me.

Let me also suggest getting a decent book on traditional shooting. One of my favorites is by Byran Ferguson:

http://www.byronferguson.com/gear_book.htm