I'd had my phone for only 2 days and was in the middle of a phone conversation when the call was dropped three times (nothing new to me, I've had ATT for years, and their coverage sucks bilge water), and then I got the "No SIM card" message.
What the below doesn't make clear is that you might have to _keep_ the buttons held down until you see the Apple logo. That's what I did, anyway, and it works fine now. For how long...? Who knows. we'll see.
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Originally Posted by dwhinz
I had the same problem. Reading this area I took my iPhone back to the AT&T store. The tech there did the following to reset the device.
He held down the power switch at the top and the main selection button at the bottom. After a few seconds a new screen came up that said slide to the right to power off. He didn't do that instead he just waited until the silver apple logo came on the screen. Once the phone finished booting the "No Sim" message was gone and I had bars again. No new sim card or reactivation required.