Wow.... not sure I've ever seen this exact issue before.
The only thing that comes to mine is the file attributes of the contents of your "Photos" folder.
They may either have +h or +s turned on (hidden or system) and you are not showing hidden files or system files.
You can check this quickly by showing both (just temporarily).
From the menu bar (if menu bar is hidden just strike the "Alt" key on your keyboard, Tools, Folder Options, View Tab. In the advanced settings box under Hidden files and folders tick the radio button that says "Show hidden files, folders, and drives.", for the +h hidden attributes.
For the +s attribute you'll need to uncheck the box that says Hide protected operating system files (Recommended) and answer yes when it prompts, are you sure.
Remember to reset them when you're done.
Other than that, I got nothing....