This type of vise is known as a pinned shoulder vise and it is really simple to make. We here the Cherry Valley Studio have built and used this vise. It is a good project for those looking to get into wood working. It is from an old book called Woodworking for beginners : a manual for amateurs by Charles Gardner Wheeler. It was published in 1905 and is now public domain.I would suggest using a 2×6 for the main structure and a 1/2 inch bolt or threaded rod for the screw component. Scrap wood can also be used. These componets should cost under $10.
Here is a picture of the completed vice.
Here is a picture of the vice being used. You can see the pinned mechanism better in the below picture. It is on the bottom left-side of the bench and is necessary to prevent the vise from exerting uneven clamping pressure. The below picuture also shows the use of a bench dog on the side of the bench to support longer boards.