Hi Charles, sorry this is so late. You’ve probably already made your decision by now, but here it goes: My upgrade was from a beginner banjo (that also lacked a tone ring) up to a Gold Star. I believe the Gold Star retails for around $1,300, but I got mine used for $800 and it has been worth every penny. So I’d keep an eye out and network with other pickers to see if you can get a deal on a higher quality banjo.
Thinking about trying to trade for something better
I struggled with the same upgrade question too. I received a very inexpensive no-name open-back banjo as a gift. I embraced it… take online lessons here and have a teacher and quickly outgrew it. I found a '77 Aria Pro 2 on eBay - tone ring, heavy, case, good condition etc. My banjo teacher set it up for me and after some new elixir strings - it’s a thousand percent better then the first one. I did restring the open-back with nylon banjo strings to learn clawhammer; turned out to be fantastic for that (who knew)! So now i have two banjos and lots to learn. Sounds like you found your keeper 