A physico‐chemical elucidation of the first photographic technology that allowed manifold reproduction is presented. An etched daguerreotype manufactured around 1840 in Vienna, preserved by the Technisches Museum Wien, served as a case study. Surface analysis showed that the photographic process involved the formation of colloidal Ag nanoparticles with sizes of 30–120 nm with shell layers consisting of Ag2O, Ag2S, and some AgCl. This breakthrough photographic technique provided a hitherto unachieved high sensitivity because of various halogenide mixtures without the use of Hg. The image development consisted of the reduction of the Ag halides by H2SO3 created by the hydrolysis of S2Cl2 leading to the formation of Ag nanoparticles adjacent t...