Thank you for contacting Mearto with your appraisal inquiry.

It is a very cute teddy bear. Such vintage teddybears are being offered at auction on a regular basis.
Steiff was and still is a very popular teddybear manufacturer. The teddys from this company are usually very good quality and the similarity to real bears is what made the brands teddy bears popular in the first place.
Your teddy bear appears to be in fairly good condition with only minor signs of use and age. Based on the photographs and your description of the letters on the button I would date the teddy to be from the first part of the 1900s - that is 1910-1920. This is the teddy bears that are most sought after by dealers and collectors.
And I believe that your would attract the attention of both collectors and dealers if it came up for auction. And it could even suprise price-wise in a positive direction
The estimate provided is for a well-advertised specialised online soft toys auction, where I believe the Steiff teddy has the best chance of realising its fullest potential. However, there is no measurement for the sentimental value you might attach to the sweet Steiff teddybear. 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