I had this when I was a kid. McDonald's used to sell these, I think, for a dollar, when they would open a new restaurant in the early 70's ('72/'73). Those were the days when eating at McDonald's was a novelty and not an everyday thing. They also sold a Ronald McDonald doll (of course), but the above guy was my favorite.
I've long since lost the original doll I had (he perished in a tragic toilet bowl accident), but I just bought this one on eBay a couple months ago. You can still buy them dirt cheap.
Click on photo for a larger view.