Via io9.com:

"In 1966, animator Gene Deitch collaborated with Czech illustrator Adolf Born to create the very first film version of The Hobbit. This version — which took some sizable creative liberties with J.R.R. Tolkien's original story — never saw the light of day."

Apparently this animated version was recently uploaded to youtube so you can watch it. More info at the link:

http://io9.com/5874282/watch-the-very ... t-that-was-never-released