I have been a fan of Audio Technica carts. In that price range, they make the AT120E and it's usually priced around $90. I have no experience with it, but the Ortofon OM series of cartridges looks interesting, too. The OM10 runs about $70. Both the Audio Technica and Ortofon carts I've mentioned are the moving magnet variety.
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I know this is beyond the stated budget, but I have been using an Audio Technica AT150MLX for 2-1/2 years on my SL1210 M5G and it's a *great* match. I mounted it on an LPGear ZuPreme headshell, which is more rigid and non-resonant than the stock headshell, and its extra weight helps match the AT150MLX's compliance with the Technics arm's effective mass.
The tonal balance is very similar to the Denon DL-110 (I used a Denon DL-160 for a year before switching to the AT150MLX), but the AT150MLX pulls way more music out of the groove.
Another possibility is to get a Shure M97xE for around $59.95 and replace the stylus with an aftermarket Jico stylus from LPGear. A couple of A-goners have gone that direction and are ecstatic about the results.
Another thought: KABUSA.com has the Ortofon Concorde cartridge/headshell units upgraded with Ortofon audiophile (i.e., not DJ) stylii here. Getting one this way removes one of the physical connections and ensures that your overhang is as aligned as it's going to be.
I started out as a DJ and was running the Ortofon OM Night Club E. the sound is fairly good but by no means up to audiophile standards.
I upgraded to the Ortofon 2M blue. This was good step-up. It has good overall sound but lacks the detail of higher end cartridges.
I briefly tried the Audio Technica AT14-SA. This provided a similar level of performance to the 2M blue but I found it to be slightly brighter in sound. Which is not bad per-se just different, it simply shifts the focus more towards the highs. I've seen these sell for under $80 to $90 used here on A-gon.
Bang for the buck I would recommend the AT14 over the 2M blue.
The AT150 MLX is generally considered a good choice for SL-1200 as sugested by Johnny but I have never tried it.
I am curently running a Benz Glider, which I am loving, but that is a little out of your range. If you are patient you can pick them up used for around $400 or less. It truely out performs any other cartridge that I have tried.
Enjoy the SL-1200 it is a great TT.