What is this strange prize?
It's a Kelly Toy plush of Sonic, but made in all silver-tone fabric. All of him is the same color, except the bottoms of his (imporperly shaped) shoes & eyes. The eye color has also been changed to gray, to be more fitting for the fabric of the doll. Notice how there's no 'belly dot' in his pattern, it was simply eliminated because he is monocrhome here. Notice it still has their poorly design joices like floppy ears, bad brows, fat wrong-shaped feet & generally floppy appearance.

Smaller sizes of this silver Sonic have been found, but this one is really big because it is a carnival prize. It's also pretty old too...at least here in 2018. (So, it has not been won for ages--that or no one selected it because they don't know who it's supposed to be)
What this is: It's an attempt to be a 'special edition', like the famous Japanese "pale dolls" where they were done in all white fabric, or all pastels. However, because Kelly Toy's pattern is so UN-special it just ends up looking really odd.