A Moritz Pappe (1928) Bear Cub
’Bear Cub’ a rare Moritz Pappe teddy bear cub 1930s,
with cream wool plush, clear and black glass eyes with remains of brown painted backs, pronounced clipped muzzle, black stitched nose, mouth and close set claws, red felt tongue, swivel head, jointed limbs with velvet feet and inoperative squeaker —6 1/2in. (16.5cm.) high (slight general wear)
You can see a photo of one very similar in the "German Teddy Bear Encyclopedia" by Jurgen & Marianne Cieslik page 164/5, photo 628/9.