The Old Photograph is an item in Big Nate Island that you will use to trade it for Scuba Gear in the Photo Shoppe.
How to get the Old Photograph
On the Puffin Point area, when you get to the lighthouse, jump down on the left side of the lighthouse. As you fall, you’ll see a black and white photograph floating around. Try to grab it. If you miss, climb back up the lighthouse and try again until you get it.