This Ghost was around for about as far back as my Playmobil memory goes-- I got one of these when I was still the appropriate age to play with these, somehow misplaced it, and managed to find another one almost two decades later in a slightly different box. This is what we call a success story.
On the whole, this figure remained largely uncharged through its run minus the packaging. There is, however, one notable difference: the one I got in the 1980s had a beard that could be flipped up like a visor, while the more recent releases aren't mobile. That change aside, the product itself is pretty much the same thing. The figure sports the 1970s-style legs (without any footwear, just foot pod things) and a pretty plain torso with a somewhat open chest. The arms have articulated wrists and aside from the pale coloring, it's a pretty non-descript figure.
The accessories are what make it special, and Playmobil included a metal ball-and-chain to go with the ghost "sheet." Other ghosts have been made which share the tooling, although the color changes at times. This glow-in-the-dark costume is a true original and really fun stuff-- if you want a plain toy ghost, this is the one to get. It's not like a lot of other toy lines have a traditional "dude under a sheet" ghost and it's a pity they didn't incorporate some sort of Scooby-Doo theme so you can unmask the figure. (Granted, the figure under the sheet is somewhat spectral so maybe that wouldn't work.)
Other ghosts may not glow in the dark, or have the heavy metal ball-and-chain. (A Specials Ghost in the early 2000s switched to plastic.) That's why you should get this one-- it's a quality product, and increasingly hard to get in its original form. While being manufactured it was a snap to get for under $5, but today boxed samples are creeping up above $10. (If you don't care about the metal ball, or are OK with black arms, you may wish to get a newer cheaper release.)
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