The Phantom of the Opera 1925

The 1925 silent Phantom of the Opera stars Lon Chaney.

via youtube:

Moria calls it "one of the outstanding classics of the silent era." 1000 Misspent Hours says, "The 1925 silent version represents, to the best of my knowledge, the only serious attempt ever made to film Gaston Leroux’s novel more or less as he wrote it" and "it really is difficult to overpraise The Phantom of the Opera," concluding that "sometimes, they really do get it right the first time." Classic-Horror.com says it is

one of the greatest silent films ever made. It is taut with complex themes and fabulously acted, designed, and written. Modern viewers not used to silent films will be surprised at how easy it is to watch this film. And as one of the earliest installments of the horror genre, Phantom is still one of its best. Indeed, it's one of the greatest films ever made in any genre.

and says of Chaney that he is

clearly at his best here, especially since he appears in a mask for most of the film. His acting is profound and must be for the film to work. The de-masking scene is still one of the scariest and shocking scenes in cinematic history.

Rotten Tomatoes gives it 89%.