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 second one.  It features one larger pink elephant with a large green bottle in its trunk.  The reverse side shows accents of gold bubbles.  The design is set against a bright blue glittery background.  This prototype did not go into production.
 
The Seeing Pink Elephants - Prototype 2 Ball Ornament
Part of the Christmas Past collection
Handcrafted in Poland
Made from glass
Approximately 4 inches tall (10cm)
Made by Thomas Glenn Holidays