This toy is my earliest childhood memory! Herself the Elf had blonde punk rock hair, and a wand with a bell. She had a blue dress that was a micro in faux suede and the bottom was shaped like the petal of a flower. She also had blue elfy shoes, and jingled!
Herself the Elf (or to give her her full title - "The Special Magic of Herself the Elf") was originally an animated television series broadcast in 1983. As promotion for the series American Greetings/Mattel produced a series of vinyl toys.