Ron Guth:
In 1902, the mintage of Proof Half Dollars declined for the second year in a row -- and would continue to do so for two more years -- to a mere 777 coins. By today's standards, that is a tiny mintage, but for the series it is about average. The Mint also changed the way Proofs were made, moving to more emphasis on brilliance rather than Cameo contrast. As a result, Deep Cameo 1902 Half Dollars are unheard of and it is actually a challenge to find a Cameo of any sort. Like most Barber Half Dollar Proofs, this date is encountered most frequently in PR64. Gems are semi-scarce, but anything better than PR66 starts to hit the Condition Census level.