What Type of Stuffed Toy is this 1987 item?

Can anyone help here with this stuffed toy?

I searched under Trolls, Elves, Gnomes even Smurfs but came up empty handed.

I believe the closest I have come would be a Dwarf.

All I know is what is readily readable on the 1987 Tag:
From The World of Smile International Inc. Brooklyn, NY

Its measurements are as follows:
Length = 8 inches
Width = 8 inches
Height = 13 inches (although it does not stand up)
Weight = 11.6 oz

It is Pinkish in color donning a hat with a flowing White beard.

Thank you,
~Fox