From the perspective of physical realism (PR), a photon is a localized entity that carries energy and momentum, and which is surrounded by a wave packet (anempty wave) that is devoid of observable energy or momentum. In creating quantized PR basis states for a photon wave packet, three requirements must be met:(1) The basis states must each carry the frequency of the wave;(2) They must closely resemble the photon, so that e.g. they scatter in the same manner from an optical mirror;(3) They must have infinitesimal energy, linear momentum, and angular momentum. An essentially zero-energy "empty wave" quantum-a "zeron"-is defined which meets these requirements. It is created as an asymmetric single-particle (or single-antiparticle) excitation of the vacuum state, with the "particle" (or "antiparticle") and its associated "hole" (or "antihole") forming a rotational bound state. The photon is reproduced as a symmetric particle-antiparticle excitation of the vacuum state, with the "particle" and "antiparticle" also forming a rotational bound state. The relativistic transformation problem is discussed. A key point in this development is the deduction of the correct equation of motion for a "hole" state in an external electrostatic field.