Rare Billy The Kid photograph could be worth $5m

A coin dealer in California has authenticated a grainy photograph of legendary gunman Billy the Kid with members of his gang which could be worth up to $5m (£3.3m). The tintype image was bought for just $2 (£1.30) at a Fresno junk shop in 2010 and features the outlaw playing croquet with several members of the Lincoln County Regulators in 1878. It was taken a month after the end of the Lincoln County war and captures the outlaws relaxing after a wedding. Billy the Kid is seen on the far left of the frame, wearing a top hat.

This iconic, lively and fun artefact is history in your hand - a snapshot of the lifestyle of one of the most notorious figures of the Wild West.

Dr Donald Kagin

Dr Donald Kagin, president of Kagin’s coin dealership in San Francisco, said: "The historical importance of a photograph of Billy the Kid alongside known members of his gang and prominent Lincoln County citizens is incalculable - this is perhaps the single most compelling piece of Western Americana that we have ever seen.“ The discovery will be the subject of a two-hour documentary on the National Geographic Channel, which will air on 18 October. In it, Hollywood star Kevin Costner narrates the journey taken by Western Americana enthusiast Randy Guijarro as he tried to authenticate the image.

After more than a year of methodical study including my own inspection of the site, there is now overwhelming evidence of the image’s authenticity.

David McCarthy, senior numismatist at the dealer

Arts Billy the kid