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Posted By: davidcycleback

It's probably normal surface wear and aging that happens to many old gelatin silver photos. Probably not a fungus. Just take care of them as you would any of your cards. If it's only a problem to the gloss noticeable at an angle, it's no big deal and might not even be significant enough to qualify as a condition problem. Away from baseball card land, I've never heard of a photo being downgraded due to uneven gloss viewable only at a sharp angle. Not many people view their photos at a sharp angle.

A drop of water on an old photo can change the gloss at the spot, but usually nothing more than change the gloss.