Following on the heels of the inspired packaging for the Cinderella watch that came out the previous year (the Glass Slipper watch), Disney's packaging of the Alice watch for 1951 was no less so. I believe that this box/watch combination is from the first year of release as all the ads I have for subsequent years show only the pink box variations (see below for list of known variations), and all the 1951 material describes or shows the box in full color with US Time on the lid.
I ulcerated over this watch for years before I finally found this one. I hate to tell you what I (over) paid for it (ah, the pre-eBay days), but it does have its original shipping box and warranty card, so totally worth it <grin>.
Anyway, throughout the film's release (and beyond) the watch was promoted heavily and prominently. This is the ad from the National Screen Service campaign book,
and this is the page from the Character Merchandising Division catalog, both from 1951.
All this promotion paid off let me tell you, they sold a ton of them. The watch was available in one form or another for 7 years (1951-1957). The watch itself is fairly common, but the original packaging complete with plastic teacup is difficult to find in nice shape.
And for those completists out there (like myself) there are variations too. There are at least 4 variations of the teacup box (round full color US Time, round pink, round pink Ingersoll, square pink), 2 variations of the watch (plastic case, metal case), and 4 variations of the watch band (pink fabric with blue grommets, blue fabric with pink grommets, leather, and flexi). Oh, and there is a 5th variation of the box, one without a teacup, but instead an illustration of the Mad Hatter at the tea party with a cel overlay of Alice. More pictures to come...