Does anyone know how many copies of this game were produced? I apologize if it has been answered already. . . I'm just curious.
I seem to remember it being said to be around 5000 copies
I think 2000 seems more likely.
Either way, it doesn't factor into the selling prices. Equally rare and even rarer Turbo games go for far less.
Is it just because it's a game of (from what I hear, I haven't played it) pretty high quality and had a limited production run?
It didn't have a limited production run. At least, not compared to any of the other late release games. Exact production numbers are probably impossible to come by, but I do know a guy who used to work for Hudson that claims most the late release games (MC included) were produced in the same quantities. Magical Chase is no more rare than, say, Order of the Griffon.
The actual reason for the inflated price is as Black Tiger stated.