Twelve cursed Arabian coins, relics from the bloody era of the Crusades, are at the center of a murderous web of intrigue. Criminal ringleader Jensen is trying to steal a collection of documents linked to the coins, which are scattered among various collectors in the Middle East. When Secret Service operatives Walter Prescott and Dorothy Dale stumble onto Jensen's plot, it becomes apparent that there is more at stake than a handful of old coins. The agents are plunged into a desperate race with smugglers and assassins to get possession of the relics, which, when amassed, form a cryptic treasure map! The fifteen chapters of The Black Coin would be among the last celluloid appearances by aspiring writer and increasingly reluctant actor Ralph Graves. The serial also features Ruth Mix, daughter of Tom Mix, as well as prolific Dave O'Brien, veteran of dozens of westerns and B-movies, including The Devil Bat, Spooks Run Wild, and most notably, Reefer Madness.

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