A team of astronomers went to work to come up with a low cost telescope kit, that kids could put together to learn about how telescopes work, and then use to observe the night sky. The result is the very cool looking Galileoscope, which costs only $15 individually, and reportedly has pretty good optics. For example, they used lens designs which reduce chromatic aberration, something that Galileo did not have in his day.
There is a short video about it here:
Here is another