For the $2 he spent to buy three old photographs, Randy Guijarro may have hit pay dirt.

Among the photos was a tintype believed to be of Wild West gunslinger Billy the Kid, now valued at $5 million.

Guijarro, who bought the 4x5 inch photo at a junk shop in Fresno, California in 2010, said on "Fox and Friends Weekend" that the image just caught his eye.

Believing it was the second known photo of the legendary outlaw, he took the print to Kagin's Inc., a San Francisco company specializing in U.S. gold coins and Western Americana, to determine if it was genuine.

David McCarthy, senior numismatist with Kagin's, explained that he was initially skeptical, because 99.9 percent of the time items like this are not authentic.

Guijarro said that he, along with National Geographic, began to do extensive research on the photograph.

McCarthy said Guijarro presented him with an immense amount of information, including facial recognition software, historical details and even the actual location where the photo was taken.

Eventually, after a years-long process, Kagin's announced it had officially authenticated and insured the photo for $5,000,000.

Watch the "Fox and Friends Weekend" clip above.

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