Mac Tonight was the first McDonald's promotional character that was supposed to appeal solely to adults which, of course, is why the character was immediately turned into a Happy Meal toy in 1988 when the marketing campaign failed to overwhelm adults. With his dark sunglasses, red bow tie, black tuxedo, smooth jazz stylings, and freakish blue crescent moon head, Mac Tonight scared most children, proving that the man in the moon didn't quite fit into anyone's target demographic. The character was retired to where ever old McDonald's characters go when they're deemed unprofitable. Chances are Mac Tonight is sharing a room with Mayor McCheese somewhere.

The Happy Meal series in 1988 consisted of the following 3" plastic Mac varations...

Collectors seem to value the toys around $6 each.


References:
http://www.adtoymuseum.com/inside/c01/3237050.html
http://pages.tias.com/13/InventoryPage/459/1.html
Old memories