The first one of these watches I ever got was personally handed to me in a goodie bag by Ronald McDonald himself at a McDonald's grand opening in Pomona California! It was a yellow Hamburgler watch, which unfortunately broke long ago. I wore that watch everywhere, and often used it to carry a dollars worth of quarters. My friends and I would also use them to carry secret spy messages, notes, etc.
Side note: Did I mention that this was a Pre-Happy Meal toy? Lots of goodies like rings, hand puppets, etc. were given out years before happy meals were even offered!