You could try KO fightgear:
http://www.kofightgear.com/headgear.htm
I looks like it meets all of your criteria: $50, all leather/suede, and full cheek/chin protection for sparring.
I have never tried it, but everything they sell seems to get good reviews here in G&E. There is post about this item in the reviews section:
KOFighgear Headgear Review with Pics!
Personally, I use a TOP-TEN helmet, but they are closer to $100 and made of a rubber like material; pretty much the complete opposite of what you want (I posted a review if you are curious:
Review: Top-Ten Training Headgear (Pics)).
[FYI, I am not affiliated with TOP-TEN nor any distributor and have nothing to do with the sales pitches that seem to be popping up in all the threads where I mention this brand.]