The Rarest Beanie Babies fall into 6 different groups.
Royal Blue Peanut
Billionaire #2 Bear
Each group has its own rarest Beanies in it. Sometimes the rarest Beanie Babies are not the most expensive: popularity, appeal, and how intense a collector is as to whether they want the original version, or a later version of the Beanie Baby, can play a part in the price.
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