Sorry, I cannot agree with your comments about Nikon binoculars. Nikon is an expert in binoculars. In fact, Nikon's top models (e.g. Superior E, E II, EDG etc.) are rated extremely high worldwide. According to Allbinos.com, Nikon EDG is even rated higher than Swarovski, Leica and Zeiss. I have been playing with many binos and I also agree that Nikon's binos are comparable to the top three European brands. I myself own four sets of Nikon and they are extremely good.
If you want something that are reliable mechanically, ok optically and at a fair price, I recommend the Celestron Regal (8x42 or 10x42). They are available from eBay.
About your monarch, can you post a picture about the broken pin? I can see if there is any way to repair.