This small Treasure Jest box figurine used to be called Perished Teddies until the name was changed in March 1999 to Petty Teddies due to a similarity to another collectible. It features two dogs, Peter's Murphy, and Perry's Alfie, who like to chew on soft toys. The result is a pile of teddy bears in various stages of destruction, and a beheaded doll in the interior. The images were meant for a "mature" audience.
The figurine was carved by Peter Calvesbert for Harmony Kingdom of England in 1998. It was issued for sale on 1/1/1999 and retired on 10/15/2004. The edition size was 17889. The model identification in TJTB. The piece measures 2.52 x 2.28 x 2.72 inches. It is in excellent condition.
This particular box figurine is one of the early ones as it still has the Perished Teddies label, which is worn and missing some of the print. Hallmarks include ©, a star, the HBC logo (treble clef), edition number of one, and Pc for Peter Calvesbert. No presentation box.
The figurine can be found under the name Petty Teddies in The Harmony Kingdom Reference Guide by Leanna Barron on p. 68.