Here is the type of book I started with- hard cover and only black and shite print.
Here is the step by step guide to what I made.
2. Water down some PVA or craft glue and paint it on the sides of the book to keep the pages from separately. You could also paint it gold at this point.
I tried to spread the pages slightly to get a nice effect.
3. Cut the place for the picture to appear. I used a rotary cutter, but you could cut a rectangle or square with a craft knife.
4. Use a blunt knife to make sure there is a gap at the top for the photo to slide through. Just push it up through the photo hole to separate the pages.
Here are a few photos to give you the idea. I also had my son start decorating at this point.
Here is the final item after a bit of tinkering- I was trying to make it look like child craft so nothing too fancy. I added a big button to cover the word Juvenile Dequincy, as this old book was one we had at home.
I'm sure children would do a much cuter job than what I came up with