This is the original licensed wig for the horror clown character Pennywise, from the 1990 movie It, based on the Steven King novel. The red wig has the signature tall white painted latex forehead, with elastic straps to secure it. For a seamless forehead, use spirit gum to attach the mask, then finish with clown white face paint, red clown nose, and makeup details to match this classic horror character.
The character is sometimes called "Pennywise the Dancing Clown" or "Bob Gray". He was played by Tim Curry in the 1990 TV adaptation. Just like in the original novel, he returns 27 years later, (2017) in a movie by the same name, starring Swedish actor Bill Skarsgard.
Steven King was inspired to write the book when he asked himself, what scares kids more than anything else...and decided it was clowns.