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The item appears to be part of the commemorative product line created by Sega and Sonic Team to celebrate the 10th anniversary of Sonic the Hedgehog in 2001.
At that time, Sega had just discontinued the Dreamcast and was repositioning itself as a third-party publisher. Sonic’s 10th anniversary was therefore extremely important for the company, as it helped keep the Sonic brand strong during this difficult transition.
To mark the occasion, many promotional and collector’s items were produced in Japan.
Unfortunately, I’m not able to determine whether the figurine is brand new, but judging by how perfectly it is stored in the box, I do believe it probably is. That’s why I would prefer not to take it out for additional photos.
