'Billy the Kid' flea market photo find could be worth millions

The owner of a tintype photograph purchased at a North Carolina flea market in 2012 is in the process of confirming whether it may depict infamous American Old West gunfighter Billy the Kid.

North Carolina resident Frank Abrams, who said he purchased the photo for $10 ($A14) as part of a set at Smiley’s Flea Market in the town of Fletcher, recently visited New Mexico as part of a bid to verify his find.

Mr Abrams was led to believe the photograph might depict the gunfighter, after viewing a National Geographic documentary about another newfound picture of the outlaw, which netted a total of $5 ($A7.8) million.

He was tipped off after recognising another figure in the photo as Pat Garrett, the lawman widely credited with fatally shooting Billy in 1881.

"After I Googled Billy the Kid, I said 'oh my gosh, he looks like Pat Garrett!" Abrams told KRQE News.

"That's what got it started."

Mr Abrams’ claim however is not unique, with the documentary responsible for inspiring him in fact showcasing a string of similar claims by other photo owners.

Only one photo of the infamous Billy the Kid has been completely verified as authentic.

Professor Paul Hutton of the University of New Mexico has expressed scepticism over the likelihood of Mr Abrams’ photo being the real deal.

"Abrams has a very interesting photograph, but only as a historic photograph of cowboys," Prof Hutton told the Albuquerque Journal.

"Provenance is the key in these situations, and that is usually difficult to establish."

Mr Abrams says his motive behind verifying the photo is not monetary, but rather one of historical interest.

“This is obviously something that would belong in a museum," Mr Abrams said.

"[If it did contain Billy the Kid it] would be an American treasure."