It needs a good cleaning (drop in some white vinegar for an hour). It looks like it has some varnish on it as well? .... hold it over the gas stove with some pliers to (gently) burn it off. I recommend a wooden toothpick to pick out the red paint in the eye sockets if its still in there after the heat.
White Metal (x2 Loops E/W)
J R Gaunt
* Officers/SNCO Beret (Late WW2 & Early Cold War)
....see more here
https://www.paoyeomanry.org.uk/Motto/Gaunt3.htm