MAY 25 2010 MORPHY AUCTIONS DISCOVERY SALE

GUIDE FOR BUYERS We advise all bidders to read the Terms and Conditions of the Sale before bidding with Dan Morphy Auctions. 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), Dan Morphy Auctions and the seller (consignor) of the lot. TERMS OF SALE When bidding on any lot offered by Dan Morphy Auctions, the bidder indicates acceptance of the following Terms of Sale: CONDITION OF ITEMS Dan 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 bidders responsibility (present or absentee bidders) to determine the exact condition of each item. Dan Morphy Auctions will not be held responsible for typographical errors. All items will be available for preview two (2) months prior to the auction. We do NOT guarantee trains or clocks to be in running order. Grading Scale: Near Mint Plus 97% - 100% Near Mint 90% - 96% Excellent 80% - 89% Very Good 70% - 79% Good Below 70% ABSENTEE BIDS Dan Morphy Auctions will accept absentee bids if pre-authorized by mail, fax or through internet bidding. Absentee bidders must use the absentee bid form and clearly mark the lot number, title and maximum bid amount. Absentee bidding forms may be accessed online. If there are two (2) identical bids placed on the same item, priority will be given to the first bid received. All bids must be left in increments as explained on our bid form. If a left bid is out of increment, the auctioneer has the right to round the bid up to the next correct increment. Dan Morphy Auctions is pleased to offer online absentee bidding as part of our auction services. Bidders may preview, register and place bids online through our Web site. Online absentee bidding through Dan Morphy Auctions is available until 9:45 am EDT prior to the sale. During the live sale, the auctioneer will execute your absentee bid competitively up to the maximum amount you have indicated. Online bidding through Morphy LIVE and LiveAuctioneers is also available; Terms and Conditions still apply. If there is a tie bid between the Internet bidding venues (Morphy LIVE, LiveAuctioneers) and the floor, the floor bid takes precedence. BID LIVE VIA TELEPHONE An absentee bidder may also participate live in the auction via telephone. Requests for phone lines must be received at least three (3) days prior to the auction date. Dan Morphy Auctions cannot guarantee phone lines but will make every attempt to accommodate those who wish to participate through that method. Phone lines are provided on a first come first served basis. Please visit us on the internet or call 717-335-3435 to request a call from our representatives during the live auction. BID INCREMENTS Bid increments listed are a general guideline. Actual increments are at the auctioneers discretion. $0 - $200..........$10 $200 - $500........$25 $500 - $1,000......$50 $1,000 - $2,000....$100 $2,000 - $5,000....$250 $5,000 - $10,000...$500 $10,000 +.... Auctioneers discretion If a lot does not receive a bid of 25% of the low estimate, that lot will be passed by the auctioneer. APPROXIMATE AUCTION TIMES FOR TUESDAY, MAY 25, 2010 Auctioneer sells approx. 100 lots per hour. LOTS TIME (EDT) 1 to 100 10:00 AM 101 to 200 11:00 AM 201 to 300 12:00 PM 301 to 400 1:00 PM 401 to 500 2:00 PM 501 to 599 3:00 PM RESERVES The majority of our items are unreserved, but occasionally 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 one-fourth of the low estimate. 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. If there is a tie bid between the floor and Internet or absentee bid, the floor takes bid precedence. Dan 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 auctioneers hammer. The buyer will then assume all risk and full responsibility of the lot purchased once ownership has changed. BUYERS PREMIUM A 17% buyers premium will be added to all successful bids and is payable by the purchaser as part of the total purchase cost. A 2% discount is applied to payments made with cash, check or money order. Split payments are subject to a 17% buyers premium if a credit card is used as any form of total payment. SALES TAX All buyers will pay Pennsylvania sales tax of 6% unless a valid Tax Exemption Identification is on file or presented at time of purchase. Please present a copy of your Tax Exemption Identification at the sale, or at the time of leaving an absentee or phone bid. PAYMENT All merchandise must be paid in full 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 Dan Morphy Auctions within 30 days of the sale date. We accept: Visa, MasterCard, Discover, personal checks/ certified checks, wire transfers, money orders, cash and PayPal. Split payments are subject to a 17% buyers premium if a credit card is used as any form of total payment. Make checks payable to: Dan Morphy Auctions. Make PayPal payments to: info@morphyauctions.com. Dan Morphy Auctions reserves the right to hold items paid for by personal check until said check clears. Call 717-335-3435 to pay your invoice by phone. Note: There will be a $30.00 service charge for returned checks. SHIPPING Packaging, shipping of, and insurance on items will be available to successful bidders. Shipping costs will be billed separately and are NON-REFUNDABLE. Items will shipped five to ten business days (5-10) days after payment is received. For shipping questions please contact Betsy Lee at 717-335-4579 or betsy@morphyauctions.com. Oversized items and freight shipments will be done through Postal Connections, contact Jim Bowe at 717-399-9076 or PCA158@postalconnections.com. International Bidders- By law Dan Morphy Auctions cannot declare lesser values for any international purchases and all shipments will include the invoice with purchase totals including the buyers premium and shipping cost. All international bidders are responsible for paying all customs and duties on the items. POSTSALE RETURN POLICY Dan Morphy Auctions hires knowledgeable experts to provide catalog descriptions on the merchandise we sell. Every effort is made to ensure 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 Dan Morphy Auctions within three (3) days of receipt of their purchased item. If a return is authorized by Dan Morphy Auctions, the item in question must be shipped, with full insurance, so it arrives at Dan Morphy Auctions within one week of the aforementioned authorization. With respect to all returns, it is the buyers responsibility to cover the cost of the shipment and insurance, regardless of the reason for the return. Dan Morphy Auctions will NOT reimburse shipping costs to buyers who return auction goods. Notice Regarding Transfer of Modern Firearms ALL MODERN FIREARMS WILL BE NOTED WITH A DOUBLE ASTERISK (**) AT THE END OF THE TITLE AND MAY BE PURCHASED AND TAKEN POSSESSION OF USING ONE OF THE FOLLOWING OPTIONS: 1. Long Guns (Live Auction Buyer): Both residents and non-residents may take immediate possession of modern long guns by first filing an ATF form 4473 and completing the PICS background check, then paying for the long gun(s) in full. 2. Long Guns (Online/Phone Buyer): Non-resident buyers and resident buyers needing long guns shipped, must first pay for the lot(s) won. Upon returning home, arrangements must be made with a local firearms dealer in resident state (local area) to send us a copy of the firearms dealers FFL license. Upon receipt of license copy, we will package and ship (at buyers expense; pre-paid) the long gun(s) to the dealer. This is a federal law and must be complied with regardless of what state you reside. 3. Handguns (Live Auction Buyer): Resident buyers may take immediate possession of modern handguns by first filing an ATF form 4473 and completing the PICS background check, then paying for the handgun in full. 4. Handguns (Online/Phone Buyer): Non-resident buyers and resident buyers needing handguns shipped, must first pay for the lot(s) won. Upon returning home, arrangements must be made with a local firearms dealer in resident state (local area) to send us a copy of the firearms dealers FFL license. Upon receipt of license copy, we will package and ship (at buyers expense; pre-paid) the handgun(s) to the dealer. This is a federal law and must be complied with regardless of what state you reside. Special Notes: Buyers should figure on 5-10 minutes to fill out ATF form 4473 prior to the check-out process. In most cases, the background check process will take 2-3 minutes to approve or deny. Exceptions may take up to 5 days, at which point we will contact the buyer with the APPROVE or DENY response. Upon approval arrangements can be made to pick up or ship firearms. Federal Firearms License Holders: If attending the auction, a copy of your FFL dealers license will need to be supplied prior to any purchase and will be kept on file. Shipping: Dan Morphy Auctions will always supply the option to ship merchandise, including firearms. All firearms being shipped, both instate and out of state, will need to be shipped to an ATF licensed FFL dealer. The buyer will chose the dealer and have the dealer supply Dan Morphy Auctions with a copy of their FFL license prior to shipping. Buyer will pre-pay for all shipping charges. All firearms will be shipped by FedEx. Long guns will be shipped FedEx Ground Service and handguns will be shipped FedEx Priory Overnight. Read Before Bidding: Buyer is responsible for making sure firearms purchased are legal in state of residents and local area. Be sure to check all local laws. Long guns will only be sold to persons 18 years of age or older. Handgun sales will be limited to persons 21 years of age or older. Dealers are bound by these minimum age requirements. Payment: All firearms sales need to be paid in full by Cash, Check, Money Order, Visa, MasterCard or Discover. NO PAYPAL payments accepted on firearms (Paypal rules and regulations do not allow firearms payments/purchases). State Specific Regulations: Alaska: No ammunition sales. California: No handguns to CA. No magazines over 10 rounds capacity. No ammunition sales to Los Angeles and San Francisco. Connecticut: No semi-automatic rifles. Hawaii: No magazines over 10 rounds capacity. No ammunition sales. Illinois: No firearm sales to Chicago. Maryland: No magazines over 20 rounds. Massachusetts: No ammunition sales. No magazines over 10 rounds capacity. No handguns. No rifles that accept detachable magazines. New Jersey: No semi-automatic rifles. No magazines over 15 rounds capacity. No ammunition sales. No sales of firearms that accept detachable magazines. New York: No handgun sales to C&R FFL holders. Handguns to FFL dealers with a state handgun dealers license only. No ammunition sales to NYC. Washington DC: No sales of any products. No modern firearms will be sold outside of the US. Dan Morphy Auctions does not warrant the safety and shoot ability of any firearm in this catalog. All firearms are sold as collector items. Since all firearms are sold as collector items, they are not tested or warranted by Dan Morphy Auctions. Dan Morphy Auctions encourages the examination of each firearm by a certified gunsmith prior to shooting. Dan Morphy Auctions reserves the right to deny the sale of a firearm to any buyer.

Approximate Auction Times for May 25, 2010brbrbTUESDAY - MAY 25brLOTS TIME (EDT)bbr1 - 100 10:00 AMbr101 - 200 11:00 AMbr201 - 300 12:00 PMbr301 - 400 1:00 PMbr401 - 500 2:00 PMbr501 - 599 3:00 PMbrbr

All buyers will pay Pennsylvania sales tax of 6% unless a valid Tax Exemption Identification is on file or presented at time of purchase. Please present a copy of your Tax Exemption identification at the sale, or at the time of leaving an absentee or phone bid. Please present a copy of your Tax Exemption Identification at the sale, or at the time of leaving an absentee or phone bid.