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When Beaver (Jerry Mathers) and Wally (Tony Dow) are promised ten dollars apiece if they help clean up after the animals at a traveling circus, their parents advise them to get the money in advance. But they don't, and when time comes to be paid, they receive not a penny -- but are instead saddled with a decrepit old horse named Nick. Which poses a cute problem -- how does one hide a whole horse from one's mom and dad? The story for this episode was written by series co-star Hugh Beaumont.