Paul McCartney appears in a previously unseen 1952 picture of him with his young classmates from the Joseph Williams School in Liverpool.
The musician is pictured wearing a black cap and studying a comic.
The photograph will be auctioned along with hundreds of other items of Beatles memorabilia on Saturday, August 29 in Liverpool.
A woman recently brought the photograph into The Beatles Shop – 30 yards from the original Cavern Club where the Fab Four played 292 times.
Among the items for auction is another picture of Paul – with his late wife Linda – posing on customised Shimano mountain bikes.
Each bike features individual artwork inspired by the pair’s love of music and the environment.
They are estimated to jointly fetch between £5,500 (€6,360) and £6,500.
A class photograph of drummer Ringo Starr is also available.
The pupil, aged eight, sits smartly dressed in short pants and a black jacket with his pals from St Silus School.
“It’s the earliest class photo we have,” said Stephen Bailey, manager of The Beatles Shop, which is organising the auction on behalf of the Liverpool Institute of Performing Arts where the auction is to take place.
Also offered is a limited edition lithograph of producer George Martin’s score for The Beatles song Yesterday – printed complete with mistakes and tea stains.
The lithograph was framed and mounted by Lord Linley and is numbered and hand signed by Paul McCartney and George Martin.
The estimate for this is £6,000.
Bailey said he thought the credit crunch was responsible for a bumper crop of memorabilia being offered.
“It is truly amazing,” he said.
“This is our 19th annual memorabilia auction and you would have possibly thought that the Crown Jewels would have long since been found and sold but that is just not the case.
“I think that the present financial climate has concentrated people’s memories and the extra cash that they will make comes in handy at a time like this.”
Thousands of Beatles fans from across the country are expected at the auction, held at the Paul McCartney Auditorium at the Liverpool Institute For Performing Arts in Mount Street.