ScroogesNephew hit the nail on the head! Right now, the best way to find an up-to-date value is to see what they have been selling for on eBay.
I assume if it were a Donald Birthday logo watch (1984), you would have mentioned that fact. The only other Donald model produced approx 25 plus years ago, would be the Bradley # 6825, from 1972. Bradley (a division of Elgin), began the license agreement with Disney in 1972, and ended the agreement in 1985, so this was probably one of the first pieces produced by the company. You should see the name Bradley on the face.
The collector's market for Disney watches has been somewhat depressed for a while, but what goes down will eventually come back up. If I had to put a value on the watch right now, I would say $50-85, depending on condition, with the understanding that this watch has possibly sold for less on eBay recently. Finding the right collector can increase the selling price too!
Hope this helps...