Cabbage Patch dolls were the 1980s and Beanie Babies the 1990s, I think. I remember my nieces wanting the dolls and my kids collecting the Beanies, so that seems about right given their ages.
Edit: According to Wikipedia, Cabbage Patch dolls were presented to a worldwide audience at the 1983 International Toy Fair in NYC, and that started the craze in time for that year's holiday season.
As for Beanie Babies, Wikipedia claims 1995-1999 were the hot years.
I remember the outrageous stories about people almost killing to get them.
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