Paul Newman was widely felt to be miscast as Billy the Kid since at 33 he was considerably older than the character. Billy was supposed to be 18 at the beginning of the film.
Interestingly, the title of this movie promotes a common misconception that was proved untrue in 1986. Two almost identical tintypes of Billy the Kid were taken at the same time in 1880. The original of one tintype disappeared years ago. The second original tintype was preserved for years in the Sam Diedrick family and came to light only in 1986. Since tintypes are reversed images, the picture from the first tintype led to the myth of the left-handed gun. After the second tintype came to light, the reversed image was reversed to show the Kid as he actually posed, with a Winchester carbine in the left hand and his holstered Colt single-action on his right hip. See Utley, Robert M., Billy the Kid, A Short and Violent Life, University of Nebraska Press, 1989. Statement following page 110 alongside the picture of Billy the Kid.
Contains the first ever shooting of a character in slow motion (albeit very briefly) in a US movie.
The movie was a flop at the US box office.