Another well built reel in the $170 price range is the Daiwa Saltist. The models that are good for surf fishing are the 20H (the size of a Newell 220), the 30H (size of a Newell 229) and the 30H levelwind.
I bought the 30H last fall and used it the last 6 weeks or so of the season. It casts very nicely with only one red casting brake--it's almost too tame for me. This year I'm going to take the brake out entirely.
The great thing about conventionals is that you don't have to spend 700 clams to get something that will last a lifetime. There are great reels in the $150-$200 range that are built like brick crappers. Even Penn has a winner in that price range with the 525 Mag.
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