Read this strip at gocomics.com.
This calls forward to Charlie Brown's dismayed reaction at the end of A Charlie Brown Christmas. BTW, if when you watch that cartoon, after Charlie Brown walks off-screen, you immediately change the channel and pretend the show ended there, the outcome is a lot more realistic and also more in keeping with the general tone of Peanuts.
I think this strip is slightly stronger with the lead panels, as then there's a nice rule-of-threes progression up to the toy's deflation.
Cute determined expressions on Linus' face throughout here.