This is a darling Kewpie doll by Rose O'Neill it has the signature red heart, blue wings and original outfit., I believe made in the 1930's.
There is a hole in the bottom of the right foot but when looking up this doll so I could get my information about her (or him) I saw others with the same hole so I'm not sure if it was for a stand or not. :). I did not wash the doll or outfit because I didn't want to damage anything not knowing how to do it correctly.
The ring finger has a little chip? or wear (see pics) there is a dot on the forehead not sure what it's from so didn't try to remove it.