Steiff Teddy Clown 25cm tipped 421204. 
Steiff "Teddy Clown" 15 Year Loyalty Exclusive Club Edition of 3000
Third in the series. Teddy Clown Wears a Golden Steiff Club Medallion
A beautiful bear, 5 way jointed with cream paw pads and a dark brown stitched nose.
He wears a festive ruffled collar and clown hat with 2 pom-poms.
Very hard to find.