This beautiful teddy bear could be one of two bears, it is probable that it is one of the series developed by Richard Steiff for the American market. In the same range as Teddy Rose, a pale yellow bear was manufactured with a soft stuffing and larger eyes. Richard Steiff insisted that only one girl stitched all their noses, so they were identical and delicate. This bear has all these features. They were made from 1925 to 1930, 5,271 were made in yellow in sizes 33, 36, 44 and 48cm. This is probably the 44cm. version including the ears.
The other option is that it is the pale yellow Teddy-Clown, these typically have a horizonatly stitched nose, and this example shows no sign of ever having the felt hat or ruff.