Well ... pretty close to 10 cents anyway. A scrap piece of leather, a piece of elastic cord and 2 nickels.
Not fancy, but it works.
(http://i113.photobucket.com/albums/n217/dave27615/guard1.jpg)
(http://i113.photobucket.com/albums/n217/dave27615/guard2.jpg)
Looks pretty good to me. Good thinking. Nice armguard as well.