Experts have identified Billy the Kid as the man standing in the left of this picture, wearing a top hat. (Credit: Kagin's)


A rare coin dealer in California has concluded that a grainy image of legendary gunman Billy the Kid playing croquet is the real thing and could be worth as much as $5 million.

That is not bad for a photo purchased by Randy Guijarro of Freemont, Calif. for $2 as a part of a miscellaneous lot at a Fresno junk shop in 2010, according to Kagin's. The company is negotiating a private sale of the photo.

"We have a couple of people who are interested right now," Kagin’s senior numismatist David McCarthy told said.

The 4x5-inch tintype – which depicts Billy the Kid and several Members of his gang, The Regulators, relaxing in the summer of 1878 - will be the subject of a two-hour documentary airing Sunday on the National Geographic Channel.

Taken just one month after the tumultuous Lincoln County War came to an end, it offers a rare window into the lives of these gunmen. Rather than a threatening outlaw, Billy the Kid seems to be enjoying some downtime following what Kagin’s said was a wedding.