A scarce type of mold blown silvered glass clown Christmas ornament with what is described as a quarter moon on his belly in one of my books, a crescent moon in another. In this ornament, it's not just a moon shape, but a moon with a well defined man face. The silvered ornament has a flesh painted face and metallic green suit with bells or pom poms at the points of the red collar. The clown has a heart on his back, directly opposite of the yellow moon at the front.
The clown is 4-3/4" tall. It's in very good condition - note the remarkable condition of the face paint which almost always shows wear and flaking. The clown ornament was produced in Germany during the 1930s and again in the late 1940s to early 1950s. Based on the excellent condition, my guess is post war.