What exactly is an Beanie?

An Beanie can be described as a tiny, stuffed animal that is usually made from felt, wool, leather or even cloth. It is usually given away at sporting events. Many collectors swear that they don't feel any emotional attachment with the items in their Beanie collection. Instead, they spend endless hours studying the market and learning about its intricacies. In addition, they know that their pursuit may be a little silly and that others might find them to be crazy.
Beanie Babies were given out during a baseball game.

Since 1997, in the year 1997, Major League Baseball teams have offered Beanie Babies during baseball games, drawing thousands of additional fans to the stadiums. Ty has worked with MLB to create special tags specifically for Beanie Babies to commemorate players as well as special events. This includes Mac the Cardinal, Rocket the Blue Jay as well as Sammy the Bear.  http://sheepvein55.jigsy.com/entries/general/Precisely-what-is-an-Beanie-3  has its own unique giveaway day.
They are valuable

Vintage Beanie Babies are worth the price, based on their condition and rarity. Some collectors will pay as much as $50,000 for an original 1992 Ty Beanie. Some collectors will be willing to pay more than $25,000 an old-fashioned 1995 Lefty the Donkey.
They are constructed of cloth, felt, wool, leather, or silk

Felt is one of the strongest fabrics. It is composed of tiny fibers which are interlocked in each direction. This makes it lighter than woven fabric that is composed of twisted fibers in straight lines. Also, it is the most durable fabric since it needs the most fibers to be tough. Felt is also waterproof and stain-resistant, as well as hypoallergenic.
They have a clown face

This beanie features a large clown face with a propeller. It is constructed of acrylic yarn and is one size that fits all. This clown  beanie   also has an embroidered front design as well as plush fur.

They are constructed of an brimless cap

The smallest hat, known as a beanie is made from wool, felt, fur, or hair. These materials are compacted and then shaped with a combination that involves rolling, pressing and heating. Fez is a brimless , flat top cap made of red felt. It is typically used as a hat during winter when temperatures is below the freezing point.