The condition is pretty good for the age. These paper mâché dolls are pretty fragile and few have survived unscathed.

As is typical, there is some splitting along the seams at the sides. There are also chips and cracks (please see the photos).

There are three metal clips or staples along the seam at the tip of the head. I don't know if these were just to hold the two halves together, or if there was a hat attached originally. About 95% of the original paint is still present and in good condition. This doll is in the "Dapper Clown" style, with painted clown face and a suit with a tie and vest. 

This is a rare example of these old roly poly dolls. I have only seen one other example of this doll. That example claimed that the doll was a childhood toy of American businessman James Deering who was born in 1859. So, that would place the doll into the second half of the 19th Century (1860s or 1870s?). But I have no direct knowledge of this and I cannot date the doll. One thing I noticed is that the bow tie on the doll is a 19th Century style tie. Therefore, if this a 19th Century doll, then it is likely German, not Schoenhut.