A shadowy band of counterfeiters has kidnapped Severn, a government engraver, to force him to work on a set of plates that will make counterfeit money that is almost impossible to identify as such. Secret Service agent Jack Holt is in prison, posing as a gangster named Nick Farrell. Claiming to be injured, he is taken with another injured prisoner, Crimp, to the infirmary. Agent Kay Drew, posing as his wife, goes in to visit and engineers the escape of Holt and Crimp, hoping that Crimp will lead Holt and Drew to the counterfeit gang. He does and the two are taken in by the gang, headed in secret by Lucky Arnold who funnels his orders over short wave radio to gang member Ed Valdin. Holt and Drew, as the Farrells, fight and fuss and prove to be forces of chaos in the gang. Over the fifteen chapters of the serial, the gang move from a mountain hideout to a gambling ship and finally to a small tropical island nation. A dissatisfied Crimp starts a rival gang, and the corrupt governor of the island, Garrity, decides he wants in on the action. The money plates change hands, Holt escapes death several times (once before a firing squad), and Drew manages to keep their marriage charade believable as they constantly seem to be at odds with each other, while occasionally facing threats to her life.
Two things set this Columbia serial apart from most of the others of the era. At 53, Holt is (and looks) considerably older than the average thriller hero. He comes off as stoic and tough, but his age works against his persona. In the last chapter, in an almost laughable scene, he faces off with just his fists against eight ruffians and, against all odds, triumphs; certainly much of the action is done by a stunt man, but Holt is visible in some scenes throwing lackadaisical punches at random. However, Holt is good at maintaining a scrappy, gruff exterior so for the most part, we buy him as an action hero, albeit an irritable one. The other odd thing about this is that Holt plays himself, sort of. The actor Jack Holt (father of western star Tim Holt) plays a character called Jack Holt. For most of the movie, the character goes by Farrell, but it's still an odd conceit. Rumor has it that Holt was made to participate in the serial as punishment from studio boss Harry Cohn, so maybe giving the character his name was a little bone Cohn threw to him. At any rate, the serial was a success and Holt kept on making movies at various studios until his death in 1951. Evelyn Brent is convincing as feisty Kay Drew, more than capable of taking care of herself. The best villain, Tristram Coffin, leaves the serial fairly early and the rest of the bad guys all looked like interchangeable middle-aged men with no one really standing out from the group. The occasional change of scenery throughout is welcome, though once they settle on the island, the plot, which has threatened to get too convoluted to care much about, actually does. We know what’s happening, but not always why. At fifteen chapters (four and a half hours), it’s too long, but I persevered. Pictured: Brent, Holt and Coffin. [TCM]