Story highlights The collector almost tossed back the photo now appraised at $5 million, he said

It's only the second authenticated photo of Billy the Kid, company says

(CNN) A California collector appears poised to cash in to the tune of $5 million five years after paying just $2 for what has turned out to be only the second known photo of Western outlaw Billy the Kid.

The tintype, dating to 1878, depicts Billy the Kid and several members of his gang, the Regulators, playing croquet outside a Lincoln County, New Mexico, building, according to Kagin's Inc., the company that authenticated the photo and is handling its sale.

The photo was apparently taken after a wedding, the company said.

Linda and Randy Guijarro.

Collector Randy Guijarro told CNN affiliate KSEE in August that purchasing the photo was a last-minute decision.

"I had just a couple of bucks left, and I found three photographs I liked, and of the three, the oldest tintype, I actually kind of chucked it back in the box," he told the station.

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