Abstract: The photograph display system is formed from a plurality of sections which are separated from each other by perforation lines that allow them to be folded in an accordion fashion. Each section has a pocket. One side of the pocket is cut out to allow viewing of a photograph. The photograph is placed in the pocket along with a panel. The panel has a cut out portion that allows the photograph to be viewed. The cut out portion is in the form of an alpha numeric character. This allows selection of different panels with different cut out portions to be used in separate sections to thereby provide a word such as “thanks” or the like.