Morphy Auctions May 2009 Sale Day 3

Morphy Auctions 2000 N. Reading Street Denver, PA USA (717) 335-3435 GUIDE FOR BUYERS: We advise all bidders to read the Terms and Conditions of the Sale as set forth in this catalog. Those who bid are bound by those Terms and Conditions of the Sale, as amended by any oral announcement or posted notices, which together form the contract of the sale between the successful bidder (purchaser), Morphy Auctions and the seller (consignor) of the lot. Terms of Sale: When bidding on any lot offered by Morphy Auctions, the bidder indicates acceptance of the following Terms of Sale: Condition of Items Morphy Auctions makes every effort to accurately describe all items offered in its sales, however all items for sale are “as is,†and it is the bidder's responsibility (present or absentee bidders) to determine the exact condition of each item. Morphy Auctions will not be held responsible for typographical errors. All items will be available for preview prior to the auction. Grading Scale Near Mint Plus 97% - 100% Near Mint 90% - 96% Excellent 80% - 89% Very Good 70% - 79% Good Below 70% Rights & Responsibilities The auctioneer will determine the highest bidder. The auctioneer alone has the right to reopen the bidding of an item if deemed necessary due to a dispute. Morphy Auctions and its representatives reserve the right to remove those attendees who impede the previews and/or the auction. Title to all merchandise shall pass to the highest bidder at the fall of the auctioneer's hammer. The buyer will then assume all risk and full responsibility of the lot purchased once ownership has changed. Post-sale Return Policy: Morphy Auctions hires knowledgeable experts to provide catalog descriptions on the merchandise we sell. Every effort is made to insure those descriptions are accurate and that they fully disclose any exceptions to condition. Buyers who wish to report a problem with a purchase they have made must notify Morphy Auctions within three (3) days of receipt of their purchased item. If a return is authorized by Morphy Auctions, the item in question must be shipped, with full insurance, so it arrives in Morphy Auctions' possession within one week of the aforementioned authorization. With respect to all returns, it is the buyer's responsibility to cover the cost of shipment and insurance, regardless of the reason for the return. Morphy Auctions will NOT reimburse shipping costs to buyers who return auction goods. We do NOT guarantee running ability of any trains. Important note: All merchandise must be paid for within two (2) weeks of the date of the sale. Absolutely NO returns will be accepted on any item that was not paid for and/or returned to Morphy Auctions within 30 days of the sale date. Buyer's Premium Purchases made via Live Auctioneers incur a 20% buyer's premium. A 17% buyer's premium will be added to all successful bids through absentee bids on http://www.morphyauctions.com, via phone and live floor bids. The buyer's premium is payable by the purchaser as part of the total purchase cost. All items are to be paid for in full at the close of the auction. Morphy Auctions reserves the right to hold items paid for by personal check until said check clears. A 2% discount is applied to payments made with cash, check or money order. Sales Tax The buyer will pay Pennsylvania sales tax of 6% unless valid Tax Exemption Identification is presented. NOTE: Please bring a copy of your Tax Exemption Identification for the sale. Shipping Packaging, shipping of, and insurance on items will be available to successful bidders. These costs will be billed separately and are non-refundable. Items will ship 2-3 days after payment is received. For shipping questions please contact Craig Hummer at 717 733-1482 or stor3230@theupsstore.com . Bid Increments Bid increments listed are a general guideline. Actual increments are at the auctioneer's discretion. $0 - $300...........................................$25 $300 - $1,000.......................................$50 $1,000 - $2,000....................................$100 $2,000 - $5,000....................................$250 $5,000 - $10,000...................................$500 $10,000 +...................... Auctioneer's discretion Absentee Bids Morphy Auctions is pleased to offer online absentee bidding through http://www.morphyauctions.com as part of our auction services. Bidders may preview, register and place bids online through our web site. Absentee bids will be automatically calculated. The online bidding will be available until two hours prior to the sale. The Auctioneer will execute the bids competitively up to your maximum. during the live auction. Absentee Phone Bids Absentee bids may be placed in advance up to the day before the sale by calling (717) 335-3435. Absentee bids will be rounded to the next bid increment. Absentee bids will be automatically calculated. The Auctioneer will execute the bids competitively up to your maximum. during the live auction. Bid Live Via Telephone An absentee bidder may also participate live in the auction via telephone. Request for phone lines must be received at least 3 days prior to auction date. Morphy Auctions cannot guarantee phone lines, but will make every attempt to accommodate those who wish to participate. Top three (3) absentee bidders will be given phone line priority. Please call 717 335-3435 to request a call from our representative during the live auction. Reserves The majority of our items are unreserved, though limited items may carry a moderate reserve. Please note that when a lot carries a reserve, the reserve is usually somewhere below our low estimate. In the case of a reserved item, the seller has authorized the auctioneer to bid on their behalf until the reserve price is reached. Actual reserve amounts cannot be disclosed, but we will advise you if an item carries a reserve should you ask. Unreserved lots will have a minimum opening bid of 1/4 of the low estimate. More Information: For additional information regarding Morphy Auctions, contact: Morphy Auctions 2000 North Reading Road, Denver, PA 17517 Tel: (717)335-3435 Fax: (717) 336-7115 * Auctioneer sells approximately 80 lots per hour. ALL SALES ARE FINAL License No. AH001805 All rights reserved. Entire contents copyright 2006, Morphy Auctions Inc./Diamond International Galleries Inc. Copyright includes, but is not limited to, print media, microform and electronic media, such as CD-ROMs and online computer services. License No. AH001805

For additional information regarding Morphy Auctions, contact: Morphy Auctions 2000 N. Reading Road, Denver, PA 17517 Tel: (717) 335-3435 Fax: (717) 336-7115 www.morphyauctions.com

The majority of our items are unreserved, though limited items may carry a moderate reserve. Please note that when a lot carries a reserve, the reserve is usually somewhere below our low estimate. In the case of a reserved item, the seller has authorized the auctioneer to bid on their behalf until the reserve price is reached. Actual reserve amounts cannot be disclosed, but we will advise you if an item carries a reserve should you ask.

An absentee bidder may also participate live in the auction via telephone. The absentee form must be completed in full with a request for a phone line. Request for phone lines must be received at least 3 days prior to the auction date. Morphy Auctions cannot guarantee phone lines, but will make every attempt to accommodate those who wish to participate. Top three (3) absentee bidders will be given phone line priority.

Morphy Auctions will accept absentee bids if pre-authorized by mail or fax. Absentee bidders must use the absentee bid form and clearly mark the lot number, title and maximum bid. Absentee bidding forms may be accessed online at www. morphyauctions.com. If there are two (2) identical bids from absentee bidders, priority is given to the first bid received. Absentee bids will be rounded to the next bid increment.

Bid Increments Bid increments listed are a general guideline. Actual increments are at the auctioneerÃÂÃâšÂÃâÂs discretion. 0 - 300...............................................25 300 - 1,000......................................50 1,000 - 2,000...................................100 2,000 - 5,000...................................250 5,000 - 10,000.................................500 10,000 .................... AuctioneerÃÂÃâšÂÃâÂs discretion Note: If a lot does not receive a bid of 25% of the low estimate, that lot will be passed by the auctioneer.

Morphy Auctions hires knowledgeable experts to provide catalog descriptions on the merchandise we sell. Every effort is made to insure those descriptions are accurate and that they fully disclose any exceptions to condition. Buyers who wish to report a problem with a purchase they have made must notify Morphy Auctions within three (3) days of receipt of their purchased item. If a return is authorized by Morphy Auctions, the item in question must be shipped, with full insurance, so it arrives in Morphy AuctionsÃÂÃâšÂÃâ possession within one week of the aforementioned authorization. With respect to all returns, it is the buyerÃÂÃâšÂÃâÂs responsibility to cover the cost of shipment and insurance, regardless of the reason for the return. Morphy Auctions will NOT reimburse shipping costs to buyers who return auction Goods.

The auctioneer will determine the highest bidder. The auctioneer alone has the right to reopen the bidding of an item if deemed necessary due to a dispute. Morphy Auctions and its representatives reserve the right to remove those attendees who impede the previews andor the auction. Title to all merchandise shall pass to the highest bidder at the fall of the auctioneerÃÂÃâšÂÃâÂs hammer. The buyer will then assume all risk and full responsibility of the lot purchased once ownership has changed.

Near Mint Plus 97% - 100% Near Mint 90% - 96% Excellent 80% - 89% Very Good 70% - 79% Good Below 70%

Morphy Auctions makes every effort to accurately describe all items offered in its sales, however all items for sale are ÃÂÃâšÂÃâœas is,ÃÂÃâšÂàand it is the bidderÃÂÃâšÂÃâÂs responsibility (present or absentee bidders) to determine the exact condition of each item. Morphy Auctions will not be held responsible for typographical errors. All items will be available for preview prior to the auction.

Sales Tax A 6% PA sales tax will be charged on all purchases received in PA unless a valid resaleexemption certificate is presented at the time of the purchase. NOTE: Please bring a copy of your Tax Exemption Identification for the sale.