Code:

procedure TForm1.Button1Click(Sender: TObject);

const Source: string = '4D 5A';

var S: string;

t: Integer;

begin

with TStringList.Create do

try

Text := StringReplace(Source, #32, #13#10, [rfReplaceAll]);

S := '';

for t := 0to Count - 1do

S := S + Chr(StrToInt('$' + Strings[t]));

ShowMessage(S);

finally

Free;

end;

end;