Thank you for contacting Mearto with your appraisal inquiry.

It is a lovely antique doll in Spanish clothes. Such antique dolls are being offered at auction on a regular basis.
The doll was made in the US in the 1940s. It appears to be in fairly good condition with only minor signs of use. The doll (head, limbs and body) is made of a kind of composition material that has been painted. The clothes are original. It is a charming doll and what you would call a souvenir doll of the 1940s.

The estimate provided is for a well-advertised specialised online toys auction, where I believe the Spanish clad doll has the best chance of realising its fullest potential. However, there is no measurement for the sentimental value you might attach to your grandmothers doll. Retail "asking prices" can be higher and vary.

Please let me know if you have any additional questions. I’m happy to help.
Thank you