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Amazon offers its Prime members the BIC 0.7mm Mechanical Pencil 10-Pack, model no. MPP101-BLK, for $1 with free shipping ($0.10/pen). (Non-members can spend $25 or more to qualify for free shipping; otherwise, shipping costs $5.58.) That's the lowest total price we could find by $12. (They're also the least expensive mechanical pencils we've seen shipped and without rebate hassles.) They're shatter- and splinter-resistant.
Expect this item to take one to two months to arrive.
BIC America Top Advance Mechanical Pencil MPP101 is also available at these stores