The Belsnickle imported with the Germans was the first, but the Coca-Cola image of 1931 was just a copy of many red-coated or red-suited Santas from the period 1870-1910.

Thomas Nast created and popularized the present Santa Claus in 1862:
http://cartoons.osu.edu/nast/santa_camp.htm Santa Claus

The red-suited Santa with white beard and big belly was in print about 1869 (Nast again), and was popular on postcards before the First World War (I have several from the 1905-1910 period).

He achieved his present form about 1900- see the 1905 cover illustration of the old boy on St. Nicholas Magazine for the Christmas issue, 1905, and the N. C. Wyeth portrait of 1925 at this website on the old boy:
http://www.stnicholascenter.org/Brix?pageID=35

St. Nicholas Magazine was a very popular children's magazine for a very long period.


The Coca-Cola Santa was a late-comer, first only in urban legend.