Colonial America. 1743. A horse drawn carriage travels down a moonlit road when it is suddenly stopped. The carriage, carrying Lord and Lady Braddock, is being robbed by the infamous highwayman known as the Grim Ghost.

The authorities quickly arrive but the Grim Ghost has made his escape. Their search takes them to the home of Matthew Dunsinane, who has seen no one pass his way.

The following morning an outraged Lord Braddock demands that the Grim Ghost be apprehended. The authorities, who have never seen the Grim Ghost without his mask, have no way of catching him. Lady Braddock, however, claims that she can catch the Grim Ghost.

Several nights later, a lavish affair is held at Lord Braddock's mansion. Matthew Dunsinane attends, and is introduced to Lady Sarah Braddock. Several hours later, Lady Braddock tires and retires for the evening. In her bedroom awaits the Grim Ghost, ready to claim his prize. The Ghost, however, has been duped as the authorities quickly surround him. He is unmasked as Matthew Dunsinane.

Justice is swift and in just three weeks, Matthew Dunsinane is due to hang until dead. As he falls thru the gallows trap, he is transported to Hell, where he encounters Satan. In desperate need of souls for his kingdom, he offers Matthew a deal. Keep his kingdom supplied with the souls of the evil and he may remain on earth. Matthew agrees rather than endure the tortures of the damned.

Satan sends Matthew to the 20th century, where evil runs rampant. And so is born... The Grim Ghost.