The likeness isn't bad, especially for the time period. You can certainly tell it's Godzilla from the 1984 movie. Paint apps are minimal, but appropriate. And like virtually all Godzillas (except 1962 and 2000) he's coal-black, something American toy manufacturers just can't seem to grasp.
Somehow this guy throughout the years has maintained his tag. It's not in particularly good shape, but all things considered, it's held up pretty well.
Here's a TV promo from 1985 featuring Godzilla, brought to you by Dr. Pepper, the soft drink that's out of the ordinary! Like YOU.