The recognition of emotions is presumably affected by advancing age, which is known from subjective reports and recognition tasks. To differentiate perception from executive function more clearly, the discrimination of emotions was investigated with event-related brain potentials (ERPs) from 21 electrodes in 14 elderly (ages 59-74) and 13 younger participants (ages 30-40) triggered by a rapid (3 Hz) serial visual presentation (RSVP) of high and low arousing pictures. Additionally, affective ratings of valence and arousal of a representative sample of 54 pictures were obtained. An early posterior negativity (EPN) as an index of early emotion discrimination was analyzed in an early (168-232 ms) and a late (232-296 ms) time window. Both groups showed an EPN associated with pictures of high emotional arousal. However, the EPN was slightly delayed in elderly participants. Thus, the affective modulation of the EPN was reduced in elderly subjects in the early time window, but not in the late time window. Ratings of valence or arousal did not differ between groups. In sum, these results point towards an age-related delay of early visual emotion discrimination. However, this delay seems not to influence further evaluative processing of emotional stimuli.