One of my favorite gifts from my wedding was $10 or less. It was a 4"x6" photo album with a spot on the front for a photo framed in "silver". It was just the right size for the casual snaps from our wedding.
I agree with the pp about wrapping. Some fancy wrapping can make a less expensive gift look pretty high end.
If you don't mind spending just a little bit more (say ~$50), I love, love, love the Wilton Armitale that I received for my wedding. I use it all the time! ETA: I think Bed Bath and Beyond carries Wilton Armitale (platters, etc...). If so, you might be able to use one of BB&B's 20% coupons.