I think im in at around $200, but I went in on some things I probably didnt need just yet. I am almost done with my first dog collar and hardware aside (buckle,keeper, Dee ring, double cap rivets, chicago screws, and conchos) I have bought:
Anvil and setter punches
Concave anvil
Rotary Punch
Edge Beveler
Wooden Edge Slicker
Dye
Edge Coat
Finisher Solvent
Mallet
Metal Ruler
(Have razor knives)
Leather (2"x 70" 7/9oz blanks)
Thonging punches (not needed for this project)
Speedy Stitch (not needed for this project)
Adjustable Stitch Groover (not needed for this project)
The things I know I need to get is a cutting board, some tooling tools when I want to switch gears and learn more custom designs, and stamps for the FD stuff.
I made a 2" collar with conchos and double cap rivets. I chose some expensive hardware to get started with but it was a fun experience. My wife is happy with the final product so she has commissioned collars for my other smaller dogs when im done with this one. Progress photos will be up in a day or two Good Luck!