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A player interchanging between various partyhats.

The 2001 Christmas event was the second RuneScape holiday event. After the 2001 Halloween event, Jagex decided to do another holiday drop for Christmas, this time with Christmas crackers. Players picking them up would use them on others, and both players would receive a reward. One would get a party hat of random colour, while the other would get a random item, possibly runite. At that time, party hats were only worth a few coins, but now sell for millions. Because of this, many party hats were given away or dropped. Today, prices for party hats are in the hundreds of millions.