The Large Banner Hanging is a large banner that is hung on a vertical structure, such as a High External Stone Wall. It is, as the name suggests, a rather big banner, and can be painted on with the Use key (default "E"). And, if you hold the Use button, you can lock the sign to prevent it from being painted on by anyone (including yourself). It takes 60 seconds to craft a single banner.
A large banner hanging on a wallHaving this item in your Steam Inventory means you'll be able to craft it in game. If you sell, trade or break this item you will no longer have this ability in game.