shows `` as well, but I think this is more often ``. However, the same dictionary shows that (this) `` can also mean "slow of speed"; but I've heard it mostly used as "slow-witted".
As an aside, `` can be any of ``, ``, or ``. They all carry different primary meanings though, so be careful of their usage.
> Is this really the case that the same kanji form can refer to both meanings, or were there separate kanji for each (maybe abolished during the reform or something)?
Yes, I don't see why not. `` is the same type, meaning "high" or "expensive". And its opposites are very different (`` and ``, resp.)