As of June 2014, first-generation Beanie Babies with both intact hang tags and tush tags are valuable, along with a few later second-generation and rare Beanies. The so-called first generation Beanie Babies consist of the plushies released in late 1993 or early 1994 with a flat, heart-shaped hang tag that does not open like a book.
All later-generation Beanie Babies have heart-shaped hang tags that open. Collectors track the types of tags for each generation closely as identifying markers for these collectibles.
Beanie Babies are the invention of H. Ty Warner, who wanted to create an inexpensive toy that children could afford to collect using their pocket money. Beanie Babies are small, plush animal toys given names and birthdays that also come with poems outlining their personalities.
As of 2014, Beanie Baby values range from under a dollar to hundreds of dollars for the rarer Beanies. For example, a first-generation Peanut the Elephant sold in May 2014 for $510. Other special beanies include the Princess Beanie Baby, which according to Ty Collector was released in memory of Princess Diana in November 1997. The majority of Beanie Babies are worth less than they cost to buy when owners attempt to resell them.