Hi Karen,

Thank you for contacting Mearto with your appraisal inquiry.

The bald spot on the one ear is definitely where a button used to be; these buttons are characteristic of Steiff bears, generally considered to be among the most famous teddy bear makers in the world.

The company was founded by Margarete Steiff in 1880 in Giengen, Germany. She originally made felt pincushions shaped like elephants, which became popular as children’s toys.
In 1902, her nephew Richard Steiff designed the first jointed teddy bear, which became the model for modern teddy bears.
Steiff’s bears debuted at the 1903 Leipzig Toy Fair, where an American buyer ordered thousands — just as the teddy bear craze began in the U.S. (inspired by President Theodore Roosevelt).
Authentic Steiff animals have a button (usually brass or steel) in the ear, with a fabric or paper tag. Early bears were made of mohair, later plush, alpaca, and other high-end fabrics.

Though the market for Steiff bears has softened a bit (as have MOST antiques and collectibles markets), early and unusual forms can command a high price - according to World Collector magazine, a “Teddy Girl,” sold in 1994 for £110,000 (about US$143,000 at that time).

That said, MOST Steiff bears and other animals usually sell for a few hundred dollars, with larger ones earning slightly higher prices. Given the lack of the button and small size, this would likely sell at auction for less than $75,

Based on the photos and information provided, and subject to examination, this is:

A vintage or antique miniature mohair adjustable bear
Attributed to Steiff, German, early 20th Century
2-1/2 inches tall
CONDITION: with some wear commensurate to age and use
PROVENANCE: Injerited
$50-75*
*represents a fair-market value for auction purposes; retail or asking price may vary.

Please let us know if you have additional items to appraise, or questions/concerns, and thank you again for using Mearto.
~ Delia