Ornamental Daruma are made of paper, clay, porcelain and other material.
Some are also made with a weighted and punded bottom, so that it will come back to its upright postition. It is usually painted red as a symbol of good luck.
We still have a custom of buying a daruma on new years day for insuring the good fourtune for the year.
You buy a druma that has no eye painted (in some cases the eye is already there) When something good happens, you paint the other eye to thank the daruma.
"What does this represent?"
Me or eye and also means bud or sprout
Megaderu (to bud or have eyes) means to be luck or prosperity.
So the eyes of the daruma stand for Good Luck!
Daruma is named after the famus chnese Buddhist Dharma of the 6th Century. He is known to be the founder of zen sect of Buddhism. He sat in meditation for many years in a piece of rock in an uninhabitited mountain. Ths long a torturing artistry caused him to lose his legs. So he came to represent in a stubby statue. Legless, in sitting posture, with a loose coat covering his head, shoulders, body and all.