Photo billheads tend toward the early 1900s and show an actual photo of the company. The few that I have seen on ebay show off the firm's business building. Takes away the ability for a shop to exaggerate their establishment. Not sure if these billheads were more expensive to produce or if the black and white photo was not appealing to firms who at that time wanted big bold colors.
Billheads, letterheads, receipts, checks and more