Princess versions and values In-depth analysis

Princess introduction

Ty introduced Princess on October 29, 1997. In November 1997, Ty informed retailers they could only order 12 Princess Beanie Babies for delivery in December. This restriction caused many collectors and retailers to believe Princess would be a limited edition. The "limited edition" rumor caused a buying frenzy when Princess first shipped in December 1997.

The "limited edition" rumors caused a buying frenzy when Princess first shipped to Ty retailers in late December 1997. Announcements from Ty and Patricia A. Roche (Managing director of Ty Europe) that Princess would be in plentiful supply in 1998, did little to calm the buying frenzy.

Collector and speculator demand immediately drove the secondary market price for a Princess Beanie Baby to more than $200. Some retailers held back the Princess bears they received in the initial shipment, opting instead to auction them off or hoard them for future sale when values were anticipated to be higher. Various newspapers and magazines reported that collectors were buying Princess Beanie Babies on the secondary market for prices sometimes exceeding $300.

To this day, much of the production history for the Princess Beanie Baby is still a mystery. Collectors who paid hundreds of dollars for Princess during the initial buying frenzy still believe Princess is worth more than the price they paid. Children who received Princess as a gift from their parents believe it is valuable today because "their parents told them so." New collectors are misled about Princess values by uninformed, dishonest or deluded sellers on eBay who frequently attempt to sell or auction Princess for prices ranging from hundreds to hundreds of thousands of dollars.

Princess had never been planned to be a limited edition. Ty wanted to have Princess in stores before Christmas, but he could not start producing them until he received approval from the Princess Diana Fund managers. Approval was granted on October 29, 1997, the same day Ty introduced Princess at the Ty Internet site. Now that production could begin, time and logistics dictated the total number of Princess bears that could actually be produced and shipped to stores before Christmas. That was the only reason for the retailer limits of 12 Princess Beanie Babies in December 1997.


Searching for the facts

According to "most" accounts, the very first shipments of Princess bears to arrive at retail outlets had a tush tag showing Princess was filled with P.V.C. pellets. In either late December 1997 or some time between January and March 1998 (existing accounts conflict with each other), Princess bears were discovered that had tush tags showing they were filled with P.E. pellets. The appearance of the P.E. pellet tags initiated a controversy that continues to this day. The controversy appears to focus on three questions:

    1. Which version of Princess was produced first?
    2. How many different versions of Princess did Ty produce?
    3. How many Princess Beanie Babies of each version did Ty produce?

This article examines the Princess Beanie Baby timeline with a focus on existing evidence. Information about Princess in printed media and on the Internet has been copied, edited and recopied so many times it is difficult to separate speculation from truth. Ty does not release production and inventory records to the public, so there may always be a Princess mystery. Recollections of events by authorized Ty retailers who received the first shipments of Princess fifteen years ago contradict each other.

It seems odd that a Beanie Baby with such a mediocre secondary market value today is so hotly debated by collectors. Princess Beanie Babies change hands frequently on eBay every month for less than ten dollars each. There is no shortage of eBay sellers claiming theirs is a "first edition" Princess even though most of them are incorrect as evidenced by the photographs of Princess tags in their listings. Some sellers list Princess on eBay with starting prices ranging from thousands to sometimes millions of dollars. One can only hope potential buyers understand prices that high are not only unrealistic but essentially a joke.

Ty plush collectors often strive to have the "first" version of any Beanie Baby. It is generally believed a "first" version will always be the most valuable. The surprise appearance of a P.E. tush tag on Princess caused dilemmas with collectors who could not figure out which tush tag was the actual "first." Conflicting stories regarding the P.E. tush tag appeared in the media and on the Internet. Many collectors attempted to purchase two Princess bears, each with a different version of the tush tag. That way one of the two bears had to be the "first edition."

Initially, the P.E. tush tag on Princess was presumed to be an error. A few articles in the media claimed Ty had announced the P.E. tush tag was a mistake and the Princess bears with P.E. tush tags were actually filled with P.V.C. pellets. Another media report claimed a Princess with the P.E. tush tag had been tested in a laboratory and found to be filled with P.V.C. pellets. We have not seen any documented copies of the alleged laboratory test results.


Conflicting theories and information

The initial presumption that the P.E. tush tag was a "mistake" created another rush to purchase Princess bears with the P.E. tush tag by collectors who specialized in Ty Beanie Baby "errors" or "oddities."

Then another theory surfaced claiming Ty had produced the Princess bears with the P.V.C. and P.E. tush tags simultaneously in two different Chinese factories. The theory held that a Princess with either of the tush tags could be considered a "first edition." There exists no publicly released documentary proof to substantiate the "two factory" theory. By "proof" I mean hard-copy Ty production records, stock inventories or other papers that would provide a Princess timeline detailing the first production run in China. The merchant who posted this two-factory theory on the Internet challenged anyone to "prove her wrong." That in itself is suspicious because she provides nothing credible to "prove herself right."

Since the first "two factory" theory appeared, other collectors have proposed different theories with the same challenge to "prove them wrong." Given the lack of any credible documentary evidence, none of these "prove me wrong" theories can be substantiated.

I have also communicated with collectors who claim their version of the Princess history has to be true because they "heard" it from a Ty Employee or even a Ty corporate executive. Those accounts should be discounted because they are never backed up by hard copy documents like a letter or email from the alleged Ty employee. These "Ty employee as the source of information" stories are even more unlikely considering Ty Warner's strict corporate rules that prohibit company employees from disclosing any information about the company or its products to the public.

Contrary to all of the hype, misinformation and secondary market speculation, a "made in China" version of Princess with a P.V.C. tush tag and "no-space" swing tag is currently worth from $30 to $45. A "made in China" version of Princess with a P.E. tush tag and "no-space" swing tag is currently worth from $10 to $15. All values in this article apply to a Princess in like-new condition with mint swing and tush tags. Princess without a swing tag is worth only one or two dollars.

When all is said and done, the value of a Princess bear is the amount a willing buyer will pay to a willing seller. Princess bears "correctly" listed as "first editions" at eBay have been selling for the past month in a range from $15 to $50, with an average overall "sold" price of approximately $32. The average "sold" price fluctuates significantly from month to month but the selling range tends to remain reasonably stable.


First Princess production in China

A "first version" of Princess has the following swing tag. Note that the text on the right side of the swing tag does NOT have a line space above "DIANA, PRINCESS OF WALES". The left side of the tag states "Handmade in China". We refer to this swing tag as ST #1.

Princess swing tags are often referred to by collectors as "space" or "no-space". This is a reference to the last four lines of text on the right inside of the swing tag. The "no-space" swing tag was attached to Princess bears produced in China during the first production period and also for some of the production in Indonesia. A "first edition" Princess MUST have the "no-space" swing tag attached.

"No-space" swing tag

"Space" swing tag

The tush tag of a Princess with the "no-space" swing tag can show it is made from either P.V.C. or P.E. pellets. Thus far, it has not been credibly "proven" which version of the tush tag was actually attached to the first run of Princess bears produced in a Chinese factory. Most experts believe however, that the P.V.C. tush tag came first.

We have spoken with some of the Ty retailers who received the first shipments of Princess in the USA. Some say all the tush tags were P.V.C.; some say there was one P.V.C. tush tag in every bag of 12 Princess bears (with the other 11 being P.E. tush tags); and one said he paid no attention to the tags until customers started asking about the P.E. tush tag version. With so many conflicting accounts from Ty retailers who received the first shipments of Princess, we can not determine for sure which tush tag arrived in the USA first, much less which tush tag version was the first off an assembly line.

The "logical" assumption (and my personal conclusion) is that the P.V.C. tush tag came first because all Ty Beanie Babies were filled with P.V.C. pellets until some time during the Princess production cycle. Ty switched to P.E. pellets during the period Princess was being produced. It is possible Ty had P.E. tush tags stockpiled in anticipation of the production change to P.E. pellets. Chinese factory workers could have used the P.E. tags by mistake on Princess bears still being filled with P.V.C. pellets or they might even have run out of the P.V.C. tush tags and decided to use what they had (the P.E. tags) instead of printing more of the P.V.C. tags.

Princess production in Indonesia

The second version of Princess was produced in Indonesia. It is worth from $55 to $80 with a P.V.C. tush tag and from $17 - $22 with a P.E. tush tag (with the no-space swing tag). Collectors frequently ask why an Indonesian Princess is sometimes more valuable than a Princess from the first production period in China? The answer lies in the "mystique" surrounding all of the Beanie Babies produced in Indonesia, not just Princess. Indonesian Beanie Babies are reputed to have richer-colored and softer fabrics. Princess bears produced in Indonesia are much more difficult to find on the secondary market than Princess bears from the first period of production in China.

The Princess bears made in Indonesia were destined for the Canadian and European markets. This raises the possibility that Princess production in Indonesia began on the same date as production in China. That would place the Princess bears made in Indonesia with no-space swing tags and P.V.C. tush tags into contention for "first edition" status.

The Princess bears made in Indonesia can have a ST #2 (same as ST #1, except that "Handmade in Indonesia" is printed on the inside bottom left of tag) or the follow-on ST #3. Note that the text on the right side of ST #3 has a line space above "DIANA, PRINCESS OF WALES". An Indonesian Princess with ST #2 (no-space) and P.V.C. pellets is worth from $55 to $80. An Indonesian Princess with ST #2 (no-space) and P.E. pellets is worth from $17 to $22. The Indonesian Princess with ST #3 (space) is worth from $12 to $17.

Made in Indonesia (ST #2) Made in Indonesia (ST #3)

The tush tag of a Princess produced in Indonesia can show it is made from either P.V.C. or P.E. pellets. We have seen either P.V.C. or P.E. tush tags on the Indonesian Princess with ST #2 (no-space), but only the P.E. tush tag on the Indonesian Princess with ST #3 (space). There are reports of a P.V.C. tush tag on the Indonesian Princess with a ST #3 (space), but we have not seen one in order to confirm the reports.

P.V.C. tush tag front (Indonesia)

P.V.C. tush tag back (Indonesia)

P.E. tush tag front (Indonesia)

P.E. tush tag back (Indonesia)

Ty discontinued production of Princess in Indonesia because of problems with quality. Production was resumed in Chinese facilities. A change of production like this from one country to another raises obvious questions. Answers to these questions could have a definite bearing on Princess versions and values. Given the absence of credible information or release of official documents from Ty however, these questions may never be answered.

    1. Did production in China and Indonesia begin simultaneously?

    2. When Ty stopped production in Indonesia, were unused fabrics and pellets transferred back to the new Chinese facilities? Were the Chinese facilities new or were they the same ones used during the first production period?

    3. Did production in China continue during the entire period of production in Indonesia?

    4. During the post-Indonesia production period in China, was Princess produced with tush tags omitting the Chinese factory stamp?

    5. How many Princess bears were actually made during the first production period in China and the entire production period in Indonesia.


Post-Indonesia Princess production in China

The Princess bears made in China after production stopped in Indonesia are worth from $10 - $12 without a Chinese factory stamp inside the tush tag and $4 - $8 with the stamp. Princess bears made during this period had a new version of the swing tag that shows "Handmade in China", and a swing tag (ST #4) with a line space above "DIANA, PRINCESS OF WALES".

Made during second production period in China (ST #4) Second production period in China (ST #4a) "Gosport" misspelled "Gasport" on left inside of swing tag

The Princess bears made during the second period of production in China had the following tush tag. Most (not all) of the tush tags from this production period also had a red stamp inside the tush tag that represents either a Chinese factory number, production line or lot. It isn't known how many different numbered stamps there are for Princess. We can confirm the existence of numbers 400, 401, 403, 405, 410, 416, 418, 447,450, 464, 472, 474 and 481. Other numbers like 433, 463, 466 and 487 have been reported but we can not confirm those. When you look at the tag below with the number 481 inside the circular stamp, it is easy to see why the last number might be interpreted to be a "7" instead of a "1."

A logical "assumption" is that the numbers represent different production lots of the Princess bears. Some collectors suggest the numbers identify different Chinese factories. It should be noted that Princess was not the only Beanie Baby produced with Chinese factory stamps inside the tush tags. Several other Beanie Babies produced during that period also had various numbers inside their tush tags.

P.E. tush tag, 2nd China period front

P.E. tush tag, 2nd China period back

Tush tag (inside) Chinese factory number, 2nd China period

Prices paid on eBay for Princess bears from the second period of production in China fluctuate erratically. Buyers have been paying from $2 to $15 for these versions. The actual value of Princess bears from this period (with factory markings inside the tush tags) is approximately $5 or less but novice purchasers become confused by the Chinese factory markings; erroneously believing the number denotes a limited or special production run. Some sellers take advantage of this confusion by placing extra emphasis on the "number."

Many sellers also attempt to draw attention to their listing by stating the tush tag on their Princess has the red star next to the heart. That is hardly consequential since ALL of the Princess Beanie Baby bears have the same red star.


Canada customs tags

The country of Canada has regulations that require a special tag be attached to toy products imported from other countries. Referred to by most Ty collectors as "extra Canadian tush tags", these tags were attached to Princess bears produced in Indonesia and China (during the second production period) that were destined to be sold by retailers in Canada. Collectors frequently add one or two dollars to the value of any Beanie Baby that has a Canadian customs tag.



More information on the way

Collectors generally acknowledge that the Chinese and Indonesian versions of Princess are different because of the different Indonesian-made fabrics used in production. A few collectors claim they have discovered additional differences in Princess fabrics, embroidery, and color that suggest there are even more versions of Princess than previously believed. Princess also exists in various sizes (heights) from 7.75 inches to 9.25 inches. To date, we have not seen a credible difference that would relate the various sizes to the production timeline.

When this article continues, we will examine some of the "variation" theories that address the embroidered rose and its stem, along with differences in the shade of the Princess purple fabric.


Counterfeit Alert !

Counterfeit versions of Princess exist. Check for the following common indicators before purchasing this Beanie Baby:

   1. The counterfeit Princess has a "made in China" no-space swing tag and a P.V.C. tush tag.
   2. The fabric on a counterfeit Princess can be lighter or darker than the fabric on an authentic Princess,  which makes it difficult to identify a counterfeit solely based on fabric color.
   3. The fabric on many counterfeit Princess Beanie Babies looks more like flannel than the normal plush fabric used for Beanie Babies.
   4. When you run your finger against the nap of the fabric on a counterfeit Princess, it feels rougher than the fabric of an authentic Beanie Baby. When brushing lightly back and forth across the fabric of an authentic Beanie Baby the fabric is smooth and gives little resistance.
   5. The neck ribbon of a counterfeit Princess is well made but only finished on one side. The other side is dull. The ribbon on an authentic Princess is finished on both sides. The ribbon on some counterfeit Princess Beanies is also slightly wider than the ribbon an an authentic Princess.
   6. The stem of the rose embroidered on the chest of a counterfeit Princess may be slightly wider and fuller than the stem of the rose on an authentic Princess.
   7. The swing tag on a counterfeit Princess can have several flaws including uneven width of the gold border around the tag, incorrect red color and incorrect or off-center spacing of the writing inside the yellow star.

Note: It is possible for a Princess itself to be authentic but to have a counterfeit/replacement ribbon and/or counterfeit swing tag. Since the value of a Beanie Baby decreases so markedly when it has no swing tag, counterfeiters have been known to acquire authentic Princess Beanie Babies without their swing tags and/or ribbons and then add the counterfeit ribbons and tags to bring the value back up.


References:

beaniemom.com (discontinued in 2004)
Beanie Collector magazine, Spring 1998, Trend Masters Publications
Ongoing "Completed (sold) listings" for Princess Beanie Babies at eBay.com

Princess values listed in this article are derived from eBay and other known secondary market sales. Values on this page are updated every four to six weeks based on sales activity for the previous four to six week period.

Swing tag, tush tag and Princess Beanie Baby photos provided by Leon and Sondra Schlossberg, curators of the tycollector.com Ty Museum collection.