Very Rare Donald Duck by Character Novelty Company

This auction is for a very rare and highly sought after Donald Duck toy made in the 30's to 40's based on what I have found. This is a very early piece of Disneyana.  He measures 8.5" tall. 

Parts of the fur are rubbed off and overall there is some discoloration/staining. Missing one button. Plastic for the eyes is a brownish color. It is a very old piece so it shows wear. See pictures for details. He comes in as-is condition.