The best DAC for the money

None mentioned perpetual duo or trio ?

I agree on the Theta, but if you budget is less than a grand, a used Cal Sigma or Alpha DAC are excellent.

Since your system only had a digital source, the Benchmark
DAC-1 using balance ICs direct into a power amp would be an
interesting combo.

If you don't care about the latest technology, but rather how it sounds, you might want to consider Aragon's D2A MkII DAC. Although it is quite old (early 90's), this DAC had an oversized power supply, uses an 18 bit chip, is built like a tank, and most importantly, it sounds great. In fact, it sounds better than the MSB Link III with all of its options and most other DACs out there.

They usually go for about $250-350 and pop up on a monthly basis.

Best of luck in your search.

Kevin

Having spent some time with the Benchmark Media DAC-1 in my system, just wanted to say it's the real deal.

Don't buy anything before you check this little bugger out.

Aloha.

You give a try to a Stellavox by Goldmund. It is a 24/96 DAC but it beats the sound of my EMC1(24/192). It sounds very opened and more detail but no harshness and super clean in background. Costs around $1500.00 to $2000.00 but it is worth for the money.