In this price range you will encounter some genuine Nihonto, but many of the blades will be in poorer condition, flawed, tired, or of lesser quality. Often, these blades still make excellent study pieces; and are perfect for those who wish to get their hands on true Nihonto, but cannot yet afford a fine piece.
If you are interested in learning blade polishing or mounting--and are of sufficient skill--project blades can be found here.
Many of the Nihonto in this price range do not have mounts, and are either sold in shirasaya, with saya only (often mismatched), or as a bare blade. It is not entirely uncommon to find a wakizashi (short sword) in decent condition for under $500, as wakizashi are valued less than katana (and tanto) on the average.
The odd high-value blade will sell at this price due to being in poor condition. Sometimes, such a blade can be sent to a togishi (sword polisher) to be restored to its original glory; thus multiplying its collectible value!
