The 2002 Christmas event was an event that began with the "Merry Christmas" update on 25 December 2002[1]. During this time, Santa hats would randomly fall on the ground in random time intervals, and players could pick them up and keep them.
At that time, players did not know how much the Santa hats would be worth today (around 32 million coins as of Dec 25, 2009[2]), and they were worth only 25,000 to 100,000 coins. However, due to them becoming relatively rare, they have tremendously increased in price.
In the past, Santa hats used to provide a +3 bonus to Magic when equipped. However, Jagex later decided that holiday items should be purely for fun; thus, removing this bonus. However, it still has the Magic bonus in RuneScape Classic. Today, Santa hats are worn by generally more experienced players as a display of decoration or wealth.
With the recent release of the Santa suit in Christmas 2008, Santa hats grew increasingly popular as they can be equipped to complete the suit.
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