There are many vintage Seiko divers popular with collectors, and the legendary 7002 – like full set, near new-old stock 1996 Seiko 7002 Pepsi diver here, with its original oyster bracelet, boxes, and papers (with matching serials!) – is one of these. 
 
The design of this 7002 is classic and simple, with immediate evidence of those that came before it – the 6309-729 and the SKX divers. During its heyday, it was also popular with various armed forces for this same reason, despite the widely held (false) assumption that military personnel only wear military watches issued to them.
 
In 1988, Seiko ceased production of the 7002-predessessor 6309 series to replace it with the 7002 here.  A quick examination of the 7000-series movements reveals stamped versus machined parts, more plastic, and less expensive finishing – Seiko was likely under pressure from competitors to create less expensive divers.  
 
The day function, last seen on the 6309, was a casualty of the 7000 movements introduction, but this resulted in a cleaner, less cluttered dial. Seiko would go on to manufacture the 7002 until 1996 (indicating the example here is one of the very last to be made by Seiko), featuring both black and so-called “Pepsi” colored bezels but otherwise identical.
 
The 7002-7039 Pepsi diver here was the international version (ie: all markets outside of Japan) of the 200m depth-rated 7002, the second generation of the series (the first was rated to 150m), the first normally aspired ISO-rated Seiko diver to have its rating upgraded to 200m – the same rating the subsequent SKX divers would possess.  
 
Despite the lower cost – or, perhaps, because of it – “feiko” examples abound in alarmingly high numbers on popular auction platforms, rendering an honest example difficult to find in the present day.  Per Fratello Seiko guru Michael Stockton, “When it comes to the Seiko 7002 diver, there are versions with black bezels, Pepsi bezels, 150m, and 200m depth ratings.  There are flat bezel inserts, inwardly angled inserts, and altogether incorrect bezels.  Case backs changed over the years and there are myriad dials.”
 
“There are loads of fake dials too that contain blatantly wrong dial codes and then there are those that contain the correct verbiage, but the font is clearly not original.  So, how did I stumble upon this very model?  To be honest, I simply wanted a correct one and while that might not sound like a tall order, it can be with the 7002.  You see, the 7002 could be considered as the grandpappy of modder watches…I’d wager that 99% of the watches are either heavily modded or have aftermarket parts meant to look original.”
 
The omission of the day window renders the dial more balanced than the Seiko divers that came before or after the 7002.  Further atypical, its dial departed from both the divers before and after, with slim 12 o’clock markers and basic rectangular indices at each hour.  The lume Seiko used is unusual as well, as the company used Lumibrite, which turns grayish with age.  Rounding out the 7002 is its tsunami-emblazoned case back and “Daini” factory lightning bolt signed dial.
 
This Seiko 7002 diver comes on its original oyster bracelet, nylon strap, hard plastic travel case, and springbar tool.