English Literature Professor Jane Beal, in her article "Who is Tom Bombadil?: Interpreting the Light in Frodo Baggins and Tom Bombadil's Role in the Healing of Traumatic Memory in J.R.R. Tolkien's Lord of the Rings" published in 2018, wrote that J.R.R. Tolkien invented Tom Bombadil inspired in a brightly dressed, peg-wood, Dutch doll, with a feather in his hat, that belonged to his second son, Michael.
According to Humphery Carpenter in his biography of Tolkien:
…Tom Bombadil was a well-known figure in the Tolkien family, for the character was based on a Dutch doll that belonged to Michael. The doll looked very splendid with the feather in its hat, but John did not like it and one day stuffed it down the lavatory. Tom was rescued and survived to become the hero of a poem by the children’s father, ‘The Adventures of Tom Bombadil’, which was published in the Oxford Magazine in 1934. It tells of Tom’s encounters with ‘Goldberry, the River-woman’s daughter’, with the ‘Old Man Willow’ which shuts him up in a crack of its bole…with a family of badgers, and with a ‘Barrow-wight’, a ghost from a prehistoric grave of the type found on the Berkshire Downs not far from Oxford.
Humphery Carpenter, J.R.R. Tolkien, A Biography, “The Storyteller”
As far as I know, the only characteristic of Michael's doll present in Tom Bombadil is a hat with a feather as described in "The Adventures of Tom Bombadil (1962)", a collection of poetry by J. R. R. Tolkien.
Old Tom Bombadil was a merry fellow; bright blue his jacket was and his boots were yellow, green were his girdle and his breeches all of leather; he wore in his tall hat a swan-wing feather. He lived up under Hill, where the Withywindle ran from a grassy well down into the dingle.
Patricia Reynolds, writer and archivist of the Tolkien Society, wrote an article entitled The Real Tom Bombadil that depicts an example of how the doll may have looked. The article was included in Leaves from the Tree: J.R.R. Tolkien’s Shorter Fiction, a collection of the proceedings of the 4th Tolkien Society Workshop, held in Beverley in 1989. Sadly, I couldn't find the mention drawing.
I ask if there is a picture of the doll or a similar toy produced.