Question: As Peggy Sue and her friends walk down the school hall, she glances up and sees a Mylar balloon. While it is intended to remind her of the reunion, I wondered if Mylar balloons were available in 1960?
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Chosen answer: It was meant to be an anachronism. When she is talking to Richard later in the film, Peggy Sue says "I am a walking anachronism", meaning she is in the wrong time for what she knows. The balloon is a physical anachronism, being something she brought back to the past with her from the reunion.