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The closest match I could find among my books was on page 58 of Margaret Fox Mandel's "Teddy Bears & Steiff Animals."
"Humanized, denoted by long legs...clothes sewn as body, inset vinyl snout, circular flatish head, glass eyes/felt backing (also made with celluloid disk eyes), short curved arms, all suggestive of a circus bear.The hard stuffed cotton legs make him self standing, unjointed. For the Teddy Bear historian: few examples of this minimally produced bear are found, but this rarity has not created demand. American, WWII years."
The one she has pictured is wearing a shirt with buttons and a bow, while yours is wearing a tuxedo. She gives it a value of $50.
My American Teddy Bear Encyclopedia by Linda Mullins pictures a very similar Gund panda - they were called Balloon bears because of the balloon like full legs - they came out in the late 1930's and early 1940's.