One of the rarest Beanie Babies is often considered to be the “Peanut the Royal Blue Elephant” Beanie Baby. This Beanie Baby was originally produced as a light blue color, but a few rare versions were created in a deep royal blue. These royal blue editions were limited to only 2,000 pieces and were exclusively given to employees of Ty, the company that produces Beanie Babies, as a Christmas gift in 1995. Due to their limited production, the royal blue Peanut Beanie Baby is highly sought after by collectors, making them incredibly rare and valuable.