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Leather strap is typically more formal and a rubber strap is typically mode casual; albeit except for maybe a Hublot so you're kind of contradictig yourself. Find out what purpose you want the watch to have. Personally I'm partial to Tag Heuer's and I have leather, steel and rubber band replacements for most of them depending on where I'm wearing it to. Tag's are typically a little on the lower end bit it would easily fit in your budget.
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