This is a mug shaped like the carved and brightly painted wooden head of a sea captain with a cigar in his mouth. He has a blue beard.
This was preceded by a Full Color Edition with white beard and a Low Tide Edition of Captain Carver that has weathered gray look from being exposed to the tides. Both were limited to 25 pieces.
A Traditional Mahogany Edition was also released at the same time as the Blue Beard version, and limited to 13 pieces.