It all depends on what is meant by a "picture disc."
 
  There was a picture and write-up of probably the first  such (1905, 
patented) in the recent issue of APS, and already cited in  PHP.
 
Allen
 _www.phonobooks.com_ (http://www.phonobooks.com) 
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In a message dated 4/7/2013 11:04:39 P.M. Eastern Daylight Time,  
[log in to unmask] writes:

So what  was the first picture disc anyway?I know there were both the 
Victors and  various kiddie records from 1931 on,but something tells me they go 
back before  that. Roger