Phantom Ranger was the last of a quartet of Tim McCoy westerns produced by Maurice Conn for Monogram release. The star is cast as federal agent Tim Hayes, assigned to round up a counterfeiting gang. The audience knows way ahead of time that McCoy will pose as an outlaw to gain the villain's confidence; funny that the villains never seemed to figure this out until the last reel. This time around, our hero must face down an unusually formidable line-up of thugs and pluguglies, including Charles King, John Merton and frog-faced Rychard Cramer. Happily, he also gets to romance the lovely Suzanne Kaaren.