The Legend of Peggy Cove

I'll see if I can remember this properly. There are two stories as to how Peggy Cove got it's name. The first one is better.

The lone survivor of a downed ship was a young girl named Margaret, Peggy for short. She came ashore and then stayed in this community. People would come to see and meet the talked about girl, Peggy of the Cove. You can see where this is going. That's right, they decided to rename their community; Peggy's Cove.

The other story is that it was named for it's close proximity to Margaret River. Just pretend you didn't hear that one.