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Typical Price for a Replacement Key - 2000 Toyota Torago

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Just let me preface this by saying I know very little about cars in general, so apologies if I get some basic info wrong here. Ive lost the key to my 2000 Toyota Torago. I rang up a local locksmith to get a quote on a replacement key, and apparently it'll cost $1200 for two keys?? The old key didn't even have any electronics in it, it was just a basic key. Not button unlock or anything. I've gotten an electronic car key cut before and it only came to $400! This price for a key without a chip seems extortionate to me. Can someone please let me know if this price is normal, and if so why the hell its so expensive? Thanks in advance for the help!

Here's all the information I think is relevant to the car (let me know if more is needed):

TOYOTA TARAGO ACR30 II 16V 2.4L 2AZ-FE DOHC 16v Petrol 4cyl 115kW MPV FWD [02/00-02/06]

Compliance plate / RAV entry date: 04/2000

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