How do I correct old photos that have MAJOR yellowing?

[Evergreen7]

I have a stack of very old photos that all have the same yellowing issue.  I've tried adjusting the red, yellow and green levels individually and it helped but I'm thinking there is probably a better way?  I've attached an example.  Can anyone give me the steps to apply to get this photo looking somewhat normal? 

Thanks for any help!

[Mohammad.Harb]

One way :

First , Apply   image -> Auto Tone   ) ctrl + shiftt + L , you will get this result

then convert it to sepia toning , from Hue/ saturation  ( ctrl + U )

hope this will Help,

[K´mo]

Yes the colors are mostly gone and perhaps BW or some toning with it gives more pleasant results. I took the method to use Camera Raw filter, first I made the image a smart object. I came with this with a quick tryout

You can see big difference between different areas and those could be processed further. But like this you get some colors

ACR settings:

I also had a mild levels-layer with previous image so the result is not identical but this gives you my idea.

[Terri Stevens · Accepted solution]

It think you would fair better creating a B/W image and if required try tinting with color by hand.

[edgrimley]

Like has been said already your best bet is B&W. I did this using a ton of adjustment layers...

[davescm]

Like Terri said

When the colour has gone as much as this I would go for black and white or a hand coloured - black and white approach

Dave

[Terri Stevens]

That is extremely good Dave. Who would believe the original could be turned into that?

[davescm]

Cheers Terri - bit rough and ready to be honest as I was in a rush.

I also realised I did not post how..... so, it was:

A black and white conversion

Then a new layer above with blending mode set to colour.

Then paint away .......

Dave

[Trevor.Dennis]

As Terri said, there really isn't enough information there to rescue any sort of coloured retouch of that image, and even as a B&W it is not the best of pictures, but it is at least usable that way.

[Evergreen7]

Thank you!  I appreciate the feedback!  I'm going to give it a shot with b/w and maybe hand painting.  Thanks again!