Honestly there isn't a fraction of the nostalgia around the PS1 as there is around the NES, the SNES, or hell even the N64, even though the playstation outsold each of them by a wide margin. That plus sony mostly relies on third party games so price would be higher as almost all the games on it would be third party so sony would have to pay them to use their games. Plus let's be honest, ps1 games haven't exactly aged well, it had crap 3d graphics even compared to n64, it'd be kind of terrible to play plenty of those games these days with original ps1 graphics.
Also a good amount of what made really popular was it had the best sports games. Sports fans flocked to it. None of those games are classics and there would be no desire to play them again. It'd make a great RPG & metal gear solid box, but other than that it wouldn't be that great.
So no, I don't think Sony would ever release a ps1 classic because it just wouldn't sell very well. They can do those games a lot more justice and make more money by remaking a few of those games to sell on the ps4 rather than trying to compete with nintendo on nostaglia and retro games which is just an absolute losing battle.
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