There were 2 visually different Rainbows. The first ones produced incorrectly used Iggy the iguana’s blue fabric as shown here.
Rainbow (incorrect fabric) has also been found Handmade in Indonesia with a Canadian tush tag.
The 2nd version was correct, Rainbow with rainbow fabric. Chameleons are distinguished by their “collars” around their neck. Below is the correct version.
Please read more details about the variations of Iggy and Rainbow here.
Iggy vs Rainbow Beanie Babies