If graphics aren't a concern, consider looking for the Final Fantasy Anthologies. They're two disc sets, each with one game on each. They're direct ports of NES/SNES games, but playable on the PS1/PS2. Great value, as the games are long and enjoyable. I recommend Final Fantasy 6, Final Fantasy 4 and Chrono Trigger.
PS1 games: Azure Dreams is an excellent Strategy RPG, as is Final Fantasy Tactics (probably THE greatest tactical RPG, honestly). Of course FF 7, 8 & 9 are worth playing, as is Dragon Quest 7 (it might still have been called Dragon Warrior at that time). DW7 is LONG. The base quest took me about 100 hours to play through, and unless you over-level your characters, it can be a real challenge, especially towards the end.
PS2: lots of good recommendations so far... I'll add Grandia 3 and Arc the Lad to that list. (You should be able to pick up Arc the Lad at second hand stores like GameStop or EB Games for under $10 if you can find it. Under-rated, IMO).
Enjoy! Nice to see a fellow retro RPGer!
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