No. Smartphones are historically really expensive devices. Year before the iPhone was released, I had a Eseries Nokia phone, it was something like 500€ out of carriers (and few carriers had it, Eseries are enterprise/corporate phones), unsubsidized Nseries phones ("comsumer" smartphones, usually with a 10key and more multimedia features instead of the full qwerty keyboard of Eseries) were the same price.

When the original iPhone was released, it was not expensive, it was unsubsidized.