Better than the meerschaum, I would get an estate Davorin Morta...or look for a Rad Davis or Mark Tinsky estate..
sablebrush52, GOOD CALL! Get a nice meer for that price point and smoke it often with no problems...I like the idea of a meerschaum.
This is how I do it. I never decide one day that I'm going to buy a pipe. I'm always looking, and I've got a budget, and if I find something I really like, I buy/bid. I went three years without finding anything I really, really liked in my budget, then came across two just recently that I loved and got for a song. Some folks don't like the chase, though.Seriously, I would stash the money away for about a year and think. Keep looking at pipes and figure out what shapes and features you really like.
This!In the $200 range, I'd probably try to find a nice artisan estate.