This is a Kewpie doll from around 1920.
The Kewpie dolls were invented as a comic strip by Rose O’Neill. The characters in this comic were baby cupids. In 1909, Rose O’Neill created paper dolls of the cupids to sell and in 1912 Germany started making these dolls out of bisque (or porcelain). Overtime these dolls were made from other various materials such as a composition material, celluloid, and plastic.