According to reports the rare and odd photo is estimated to be worth $5 million.
The image was one of several in a pile bought at a junk shop in Fresno, Calif.
The 4-by-5-inch black-and-white shows William H. Bonney (Billy the Kid) and members of his Regulators gang playing a leisurely game after a late-summer wedding in 1878.
Women and children are among the 16 people milling around the lawn of a home, shortly after the end of the legendary Lincoln County War.
The only other known photo of the famous outlaw, taken in 1880, was sold for $2.3 million in 2010.
“When we first saw the photograph, we were understandably skeptical — an original Billy the Kid photo is the Holy Grail of Western Americana,” Kagin’s numismatist David McCarthy said on the company’s website. Kagin’s collects, shows and sells Americana artifacts – mostly coins and stamps.
he company says it has authenticated the photo and will be the exclusive seller. Kagin’s did not name the current owner.
Kagin’s calls it “the single most compelling piece of Western Americana that we have ever seen.”
According to the company, the photo will also be the subject of a documentary on the National Geographic Channel — Billy the Kid: New Evidence — to be narrated by Kevin Costner. It’s to air in the U.S. on Sunday. The show has not yet been scheduled on the Canadian channel.