A chance purchase in Fresno, California turned into an extraordinary discovery when a collector bought an old photograph for just two dollars, unaware it would soon be valued in the millions. What initially appeared to be an unremarkable tintype was later revealed to depict the infamous outlaw Billy the Kid, casually playing croquet, an image unlike the hardened gunfighter persona etched into American folklore.

The photograph, now estimated to be worth around $5 million, captures a rare and almost playful moment from the summer of 1878. It shows Billy the Kid standing among members of his gang, The Regulators, possibly during a wedding gathering. The informal setting offers a striking contrast to the violent legend that has surrounded him for more than a century.

Kagin’s Inc., a respected numismatics and historical artifacts firm, officially authenticated the image after more than a year of exhaustive analysis. Experts examined facial features, clothing, weapons, locations, and historical records, understanding that mere resemblance would never be sufficient when dealing with a figure as iconic and contested as Billy the Kid.

According to senior numismatist David McCarthy, skepticism was the team’s starting point. An original image of Billy the Kid is considered the ultimate prize in Western Americana, and extraordinary claims required extraordinary proof. After extensive study, including visits to the site believed to be shown in the photo, the evidence overwhelmingly supported its authenticity.

The discovery places this image alongside the only other confirmed photograph of Billy the Kid, taken in 1880 in Fort Sumner, New Mexico. That smaller tintype sold for $2.3 million in 2010, underscoring the immense historical and monetary value such rare artifacts command.

Beyond its price, the photograph deepens the narrative of Billy the Kid, whose life as Henry McCarty, also known as William H. Bonney, ended in 1881. The image transforms a casual antique shop find into a priceless window into the human side of one of the Wild West’s most enduring legends.