This beautiful bear is a five-way jointed teddy bear with musical bellows in the torso.  I believe it was made by the Moritz Pappe Company in Germany.  The company was originally called the Liegnitz Doll Factory and was founded by Arthur & Curt Pappe in 1869.  They started with dolls, but by 1910 they were also producing teddy bears.  

The bear has a cloth nose, instead of one stitched with yarn, which indicates it was one of their earlier bears.  It is definitely the original nose, and not a repair job.  Pappe bears were best known for its novelty bears, like this musical one.  The glass eyes are hand-painted and are a beautiful shade of peach or amber, that matches the bow.  The bow is original to the bear, because it is sewn on. 

The music boxes in these bears were marked Helvitica, which is Latin for Switzerland.  It plays a tune when you repeatedly squeeze the bear's belly. Please see the video to hear the tune.   I believe the tune is "Clair de Lune". You can hear the mechanism being pushed, and it is more noticable on the recording than live. The sound is actually really good for being from a music box that is over 100 years old.   Some people think the brand of the bear is Helvitic, but there was never a maker with that name.  It was just a description for the music box being made in Switzerland.

This came from the estate of an avid bear collector.  She had him appraised at a Bear Show in the 1990s.  Please see the photo of the tag from the show which estimated the bear's value at $2,400.  The appraiser wrote "Jopi" on the tag, which indicates he thought the bear was made by maker Josef Pittman.  I feel like the bear looks more like a Pappe bear, but I could certainly be wrong.  It is also the right dimensions to be a Steiff.   It could also have been made by Bing, because their bears had 3 long black stitches on each paw, and a shaved snout, just like this bear has.  Bing was a competitor of Steiff and used the same dimensions.

The bear is in very good condition for the age.  The felt pads are original, and just have a very small indendation/hole (but it does not go through to the stuffing) in each foot and one "hand" (see close-up photos).   The felt on one paw is without any flaws, except age. There is some hair loss on the bear.  The worst of it is on the back of the head, and on the face.   The snout looks almost bare, but I believe that is because it was shaved like that in producing it.  The embroidered claws are all intact, except for one strand on a hand, which was cut at some point.