It's also used when the total print run of the card is known (usually published by the manufacturer or a hobby publication) but not necessarily printed anywhere on the card.
And there's another interested case where it's used in conjunction with "SN". Sometimes a number of cards are printed and the first x number of cards have a special feature, such as die-cutting or different colored ink for an autograph. So in the case of a serial-numbered insert limited to 1000 copies, with the first 100 cards being die-cut, cards 1-100 would have the notes "PR100, SN1000" and then 101-1000 would be "PR900, SN1000".