Cheapest/best magic weapon is a Mod rod from a high level Mage. Main problem is it being no rent, so you'll have to duel someone before logging so it stays on your corpse. Can't think of a cheap magic 1HB off the top of my head; my Enamelled Black Mace was 200pp and will be better than fists up until level 30, after which your fists become magic anyway.
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