Dz-Tech via eBay offers this Hybrid TPU Dual Layer Hard Case for iPhone 5 in eight colors (Black/White pictured) for $1.99 with free shipping. That's the lowest total price we could find for such a case by a buck. It features two layers of protection and cutouts for ports and controls.

Also available at Dz-Tech via eBay is the APEX Hybrid Gel and Hard Mesh Case with Kickstand for iPhone 5 in 10 colors for $1.99 with free shipping. That's another price low for a similar case by $1. It features a kickstand and cutouts for ports and controls.