A rare picture of the Watford FC first team squad in 1920 was sold for £850 at auction in Suffolk - it was valued at just £150.

The postcard-size image, pictured, is thought to have been produced by the club and sold at the stadium to fans.

The picture was found among a collection of cigarette cards, but the size of the item is highly unusual as cigarette cards were traditionally the size of a packet of cigarettes.

Lockdales, the auctioneers of Martlesham near Ipswich, valued the carat £100 to £150 before it went under the hammer on Sunday.

Chris Elmy, cataloguer for the auction house, said: "It came out of a very large collection of cigarette cards.

"Normally these collectables are quite small, but this image is bigger than a postcard.

"It was issued in the 1920s, possibly produced by the club and sold at the stadium. This particular image is very, very rare. We had it listed as premium issue.

"We estimated the lot would go for between £100 and £150, but football memorabilia is difficult to price because there are some fanatical collectors about."

The picture shows the team from 1920 to 1921 in their striped strip, surrounded by coaches and managers in traditional dress of the era.

In the catalogue the lot was described as Football Teams (Premium issue) type card, Watford A.F.C. 1920-1921.

It was further noted as "a previously unknown subject" which means neither the auction house expert or any other expert has seen this sort of item before.

It was stated to have a horizontal crease and to be a "very rare item".

Auction manager James Sadler added: "There was a great deal of interest in this wonderful old football picture."

The origins of the card may have been revealed by former Watford Observer Sports Editor Oliver Phillips who reproduced it in a report in 1969. Then, he reported the owner of the picture to be Mr E.F.Morton of Jaywick, Essex.

It is not known who the new owner of the picture is.