An authentic private fractional scrip note issued by the Mutual Credit, Loan & Deposit Company of Eulalia, Pennsylvania, denominated Twelve and a Half Cents (12½¢). The note is payable to Hiram Bayn or bearer and promises redemption in current bank notes when presented in combination with other like notes totaling five dollars, a standard feature of early private credit issues.

Produced during the antebellum period, this type of scrip was issued by local credit companies to facilitate small‑denomination transactions at a time when federal coinage was limited. The note features ornate engraved artwork, bold fractional denominations, and allegorical vignettes, with original signatures of the company’s Clerk and President.

The piece displays honest circulation wear consistent with age, with strong visual appeal and clearly visible design elements. A desirable example of Pennsylvania private scrip and obsolete paper, well suited for collectors of 19th‑century American paper money, local credit issues, or unusual fractional denominations.