This is a great example of this diecut in an unglazed state. As you know, many German diecuts were released after an additional "manufacturing" step of an application of a glaze coating. (Now, whether or not a diecut is glazed doesn't necessarily impact value - all else being equal.) An effect that glazing has is to better preserve the diecuts' original brighter colors. Glazed diecuts also have a sheen that tends to give them a sense of a greater depth.
Mark B. Ledenbach's vintage Halloween collectibles blog.