Morphy is grinning and Queen Victoria appears to be...flirtatious?
Morphy vs Queen Victoria
With no indicated connection to the picture, Lawson wrote, "At the time of Morphy's death, it was reported on July 11, 1884, in the New Orleans Times Democrat, of which Maurian was chess editor, that, 'In a game with the Queen of England he gallantly permitted Her Majesty to win, but with Napolean III he was less gallant.' Nothing further is known of Morphy's playing with either."

It strikes me as unlikely that a Morphy/Victoria picture would have been taken without being clearly identified as such.

http://legacy.guardian.co.tt/archives/2007-09-12/SA-12.html
here's a link to the article kindaspongey referred to....lots of other interesting chess history of monarchs in there too...worth a quick read.

I have read it before. Check this link out.
http://www.chesshistory.com/winter/winter125.html
Now I don't know if that's Victoria.
What Winter actually wrote: "... page 94 of Arte y Ajedrez by Gabriel Mario Gómez (Buenos Aires, 2014) bizarrely asserts that the photograph was taken in the gardens of Buckingham Palace and that Morphy’s opponent was Queen Victoria ..."
http://legacy.guardian.co.tt/archives/2007-09-12/SA-12.html
here's a link to the article kindaspongey referred to....lots of other interesting chess history of monarchs in there too...worth a quick read.
Edward Winter once expressed interest in seeing "the full text of that newspaper report".

I goggled pictures of queen Victoria and the lady in the photo doesn't look that much like her, her face is wider, all the photos I saw of her have more "royal" looking grab and I don't think a royal person would flirt with a commoner ven if the commoner were Morphy....just was not proper in stuck up Royal English society of the time...In reference to the photos, apparently the caption was "bizarrely" changed in a 2014 book, quote: "This photograph comes from page 40 of Chessworld, January-February 1964, in an article on Morphy by David Lawson. One of two similar shots, it was also given (‘Paul Morphy and a lady’) on page 333 of Lawson’s 1976 biography of Morphy. Page 109 showed the same setting in a photograph of Morphy and Löwenthal (‘London, 1858’).
Even so, page 94 of Arte y Ajedrez by Gabriel Mario Gómez (Buenos Aires, 2014) bizarrely asserts that the photograph was taken in the gardens of Buckingham Palace and that Morphy’s opponent was Queen Victoria:"

Wtf is your problem?
I wish I had some way of blocking your posts so I could never see them.
Just STFU!!!!!!!!
To what earlier date have you traced it?

Sometime in 1858 Morphy and Löwenthal visited a photography studio to have their photo taken in chess-playing pose.
From this photo, the London Stereoscopic Company created this stereograph for distribution:The original purpose of the sitting isn't known, but it's almost certainly at a London photography studio and highly likely, almost certainly, the same studio on the same day as the photo of Morphy with the unidentified lady. John Townsend, a researcher of Howard Staunton and related English chess has suggested the possibility that the lady is Löwenthal's wife at the time. Although there is absolutely no evidence of whom this woman actually is, Townsend's suggestion seems somewhat plausible (despite Tim Harding's claim that Löwenthal never married. When Morphy beat Löwenthal in their match, he returned the stakes in the form of £120 worth of furniture for Löwenthal's new house, which in itself doesn't mean anything but it sounds rather domestic.)
Here are the photos of Morphy with Löwenthal and Morphy and the lady for comparison:
The lady is definitely NOT Queen Victoria.
Morphy played Victoria and let her win. Does anyone have the PGN file? I'm really curious. Couldn't find it online.