I wouldn't say it is. I picked it up on eBay for $2. Not boxed or anything mind you. But as an example, I sold Shining Force: Sword of Hajya (GG) for $40, no manual or box.
I've got it, didn't think it was all that rare. It did cost a little more than a lot of Megadrive games though. I'm sure I see it on eBay fairly often.
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