The term "seeing pink elephants" is an early 20th century expression that refers to individuals hallucinating (either from delerium tremens or alcoholic stupor).  Two prototypes were developed for this ornament; this is the first one that features pink elephants on both sides of the ball set against a blue-gray matte background with white bubble accents.  The prototype did not go into production.  
The Seeing Pink Elephants - Prototype 1 Ball Ornament
Part of the Christmas Past collection
Handcrafted in Poland
Made from glass
Approximately 4 inches tall (10cm)
Made by Thomas Glenn Holidays