The plot concerns treasury agents investigating a Cold War counterfeiting operation believed to be connected to a circus.

Treasury agents Art Kerr and Jim Haynes are investigating a global counterfeiting operation believed to be linked to the circus.

They are unaware that in a minisub off the shoreline hides Zorn, the counterfeiter who is printing the phony bills.

After several false turns, ringmaster Jess Carter is exposed as the counterfeit gang leader and Zorn's handler.

[2][3] Though Republic serials traditionally employed many stuntmen, Tom Steele was the only stuntman required for the film.