Secret service agent Tim Hayes (Tim McCoy) is called in to crack a ring of counterfeiters who have killed two federal men and kidnapped a treasury engraver to produce fake currency. Hayes tracks down the desperadoes and steals their horses and their phony money. Sharpe, the crooked leader of the gang, comes face to face with Hayes and is overcome with thoughts of revenge. Thinking quickly, Tim cons the outlaw into handing the bogus bills over to him for laundering. With millions at stake, the murdering Sharpe has no clue that he's going to get a deadlier return than he'd expected.
Tim McCoy, an authentic cowboy, was one of the 1930's most popular western stars. He appeared on the front of Wheaties cereal boxes during the '30s, and was inducted into the Western Performers Hall of Fame in 1973.