The Werewolf (1913) a lost film:
This is considered to be the first werewolf film ever made, as of today no prints remain of the film and is considered to be lost. The film's plot is described as follows " A Navajo woman becomes a witch after erroneously coming to believe that her husband has abandoned her. She teaches the same skills to her daughter Watuma, who transforms into a wolf in order to carry out vengeance against the invading white settlers. Then, 100 years after Watuma's death, she returns from the dead to kill again" (courtesy of wikipedia). From what I have read from different sites that there was a sort of transformation sequence using dissolves, and a real wolf was used for the wolf sequences.
You can read more on the wiki site:[link]
and on the imbd page:[link]