In 1993 Ty Corporation released Flash the Dolphin, Patti the Platypus, Splash the Orca, Spot the Dog, Legs the Frog, Squealer the Pig, Cubbie the Bear, Chocolate the Moose, and Pinchers the Lobster. These small plush beanbag toys called Beanie Babies retailed for about five dollars. By 1997, there were over 181 varieties of Beanie Babies, and most of the original nine were worth more than $50.

The interest Beanie Babies sparked in so many kids, parents, and collectors stems from their reflection of the consumer aesthetic of the 1990s. Ty Corporation built a cachet for each Beanie Baby by portraying itself as one of the "little guys" in the toy industry. It limited stores to only 36 of each Beanie Baby per month and initially refused to sell to chain or outlet toy stores. Ty Corporation guarded its strategy fiercely, cutting off future supplies to stores that sold the plush...