Hi PayPay,

Thank you for contacting Mearto with your appraisal inquiry.

The Mercury 7 program was significant because it marked the United States’ first human spaceflight program, laying the foundation for future American space exploration, including the Gemini and Apollo missions that eventually landed humans on the Moon. The Mercury 7 astronauts became national heroes and symbols of American innovation and courage during the Cold War.
The "Mercury 7" were Alan B. Shepard Jr., Virgil I. "Gus" Grissom, John H. Glenn Jr.,
Malcolm Scott Carpenter, Walter M. "Wally" Schirra Jr., Donald K. "Deke" Slayton and L. Gordon "Gordo" Cooper Jr.

While it's safe to assume that Frederick Merrill was the "Freddy" this photo was given to, it's unclear which - if any of them - were the ones that signed it.

The photo comes up from time to time, usually in an 8x10 format; without signatures, it usually sells for between $50-$100 depending on condition. If the identity of the signer could be determined, that would help boost the value of this, perhaps by a lot, as photos with signatures- ranging from signed by one to signed by all - are worth between $500 and $3,000.

Based on the photos and information provided, and subject to examination, this is:

A vintage silver gelatin print photo of the Mercury Seven
Black and white semi-glossy 5 x 4 inch photo of the iconic group shot of the original seven Mercury astronauts posing together in their silver space suits: (front row, from left) Walter M. Schirra, Donald K. "Deke" Slayton, John H. Glenn and M. Scott Carpenter; back row: Alan B. Shepard, Virgil I. "Gus" Grissom and L. Gordon Cooper.
Inscribed "To Freddie With Love - The Gang!"
5 by 4 inches
CONDITION: This photo appears to be in good condition
PROVENANCE: Estate of Fredrick S. Merrill, in Dallas TX.
$ 50-100*
*represents a fair-market value for auction purposes; retail or asking price may vary.

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~ Delia