Expansys offers the refurbished Apple iMac 21.5-inch Core 2 Duo for $389.99 shipped. That's $110 off the original list price and the lowest we've seen by $50. It's been listed in Grade B condition, which means it is in great working condition but may have "minor cosmetic blemishes."
This late 2009 iMac has a 3.06GHz Intel Core 2 Duo Processor, 4GB DDR3 RAM, a 500GB 7200RPM Hard Drive, and ships with Mac OS X 10.5 Leopard. This iMac would make a great first computer for any child and it's rated 4.4/5 stars from over 100 Amazon customers.