Bancroft and his partner “Gabby” Watters (Eddie Foy Jr) are on the trail of counterfeiters. A rather nasty hoodlum named Dice Matthews (Joe Downing) is running the racket and the phony money is being printed inside the state penitentiary. Dice figures it would be a swell idea to use the gambling ship operated by former mobster Steve Parker as a venue in which to pass the counterfeit greenbacks. Parker is all through with the rackets (the gambling ship is legitimate) and wants no part of it. The difficulty is that Dice Matthews is a vicious thug and his usual response to being thwarted is to have somebody rubbed out.
It all gets complicated and Brass himself has to go undercover as a convict to get himself into the penitentiary as well. Gabby is supposed to follow up leads involving the gambling ship but he spends more time pursuing Steve Parker’s attractive young daughter Peggy (Margot Stevenson). While Gabby is chasing skirt things start to get rough at the prison. More than just rough - people start getting shot which is not supposed to happen in jail.
Director Terry O. Morse does a workmanlike job. He knows it’s a B-picture and his task is to get it done on time and on budget and to keep the action moving along. And there’s actually quite a lot action.
Brass Bancroft was an ideal role for the young Ronald Reagan. In this film he gets to be mostly likeable and heroic but then in the prison scenes he gets to do hardbitten tough guy stuff. And he manages it all with a certain aplomb.
The supporting cast is competent and Joe Downing brings a nice mix of craziness and sadism to his role as Dice Matthews. Margot Stevenson is an adequate heroine.
One minor disappointment is that this film does not make use of the fact that Brass Bancroft is an aviator. A couple of the other Brass Bancroft films (Secret Service of the Air and Murder in the Air) feature airborne adventures.
This is a better than average (and quite exciting) little programmer and Reagan gives his best performance of the series here. Smashing the Money Ring is certainly worth your time. Highly recommended.