At least, that is how he lost his eye according to this short story:
HOW ODIN LOST HIS EYEby: Abbie Farwell Brown (1881-1927)
http://www.shortstoryarchive.com/b/how_odin_lost_his_eye.html (snip)
In one place at the roots of Yggdrasil was a fair fountain called the Urdar-well, where the three Norn maidens, who knew the past, present, and future, dwelt with their pets, the two white swans. This was magic water in the fountain, which the Norns sprinkled every day upon the giant tree to keep it green—water so sacred that everything which entered it became white as the film of an eggshell. Close beside this sacred well the Æsir had their council hall, to which they galloped every morning over the rainbow bridge.
But Father Odin, the king of all the Æsir, knew of another fountain more wonderful still; the two ravens whom he sent forth to bring him news had told him. This also was below the roots of Yggdrasil, in the spot where the sky and ocean met. Here for centuries and centuries the giant Mimer had sat keeping guard over his hidden well, in the bottom of which lay such a treasure of wisdom as was to be found nowhere else in the world. Every morning Mimer dipped his glittering horn Giöll into the fountain and drew out a draught of the wondrous water, which he drank to make him wise. Every day he grew wiser and wiser; and as this had been going on ever since the beginning of things, you can scarcely imagine how wise Mimer was.
Now it did not seem right to Father Odin that a giant should have all this wisdom to himself; for the giants were the enemies of the Æsir, and the wisdom which they had been hoarding for ages before the gods were made was generally used for evil purposes. Moreover, Odin longed and longed to become the wisest being in the world. So he resolved to win a draught from Mimer's well, if in any way that could be done.
~~
If the story is true, the picture could be of Odin before he traded his eye for a drink from Mimer’s fountain. It's true that in the picture he’s not holding Gungnir, but Thor’s weapon Mjolnir was a comic book creation, wasn’t it? The real Mjolnir may very well have been Odin’s. :-)