The "legend rule" is as follows:
- 205.4c Any permanent with the supertype "legendary" is subject to the state-based effect for legendary permanents, also called the "legend rule" (see rule 420.5e).
- 420.5e If two or more legendary permanents with the same name are in play and controlled by the same player, that player chooses all but one of those permanents to put into their owners' graveyards. This is called the "legend rule."
The 1994 Legends expansion proved to be a hard lesson in supply and demand for many markets around the country. Coming off the popularity of the initial sets; alpha, beta, revised, and their expansions Arabian nights and Antiquities, many vendors were flooded with more customers than they would have product to offer. This naturally forced shop owners for the first time, to put limits on the amount allowed per customer, as well has skyrocketing the price per 15 card booster pack to $10 , $15 and even $20 right at release. Easily surpassing the cost of a 60 card starter pack of Revised, Legends was the first of three in a series of notably and unevenly managed sets.
Following Legends, The Dark changed the amount of cards to 8 per pack, but remained high cost at around $8, starving all but those with money to burn through another expansion. Wizards of the Coast aimed to remedy the situation with their next set "Fallen Empires". but unfortunately missed the mark again by making Fallen Empires the most abundant and inexpensive expansion set to date. This resulted poorly, by essentially making the set undesireable. Fallen Empires would remain available in brand new packs and unopened boxes throughout the next several expansion releases, selling packs at one dollar, 50 cents, and lower as demand quickly fell, and stock readily sat on shelves. The lessons learned on the failures and success' of these three sets beginning with Legends mark an interesting history of the early days of MtG, the games' phenomenal growth rate, and resulting popularity.
In the past the "legend rule" stated that any legendary permanent with the same name as a legendary permanent already in play could not be played. This caused a lot of agony as legends became stranded in a player's hand. This took a lot away from the legendary status as you didn't want a lot of them in your deck. The biggest problem for the old legend rule came when masques block came around. In constructed there were only two deck choices: rebels and anti-rebels. The rebels deck leaned heavily on (create). In tournaments the gamewasoften decided on who could play the legend first. Wizards of the Coast decided this was not a good situation and the new legend rule was created to make legends more interactive.
This change proved to be quite well. A lot of legends have been created since and there even was a block based on legends: Kamigawa Block. All cards that were once called Legend are now called Legendary Creature, Legendary Land, etc.