Recently released from prison, Gerhard Schulz is drafted into the SS Counter-Espionage division, under Major Neuheim. His first assignment is eavesdropping on clients at the Salon Kitty brothel where he meets Bertha, the madam. After recommendinh to Neuheim the forging of British £5 notes, Schulz is tasked with assembling a group of forgers.

The initial difficulties of forging the £5 notes is overcome, the last hurdle due to Schulz blackmailing Professor Bodelschwingh to solve the serial numbering sequence. After stealing some of the money to use at Salon Kitty and to impress Bertha, Schulz is discovered by Neuheim and must either face a firing squad, or parachute into Britain in an attempt to distribute £2 million in forged currency.

After landing in Britain, Schulz buries most of the money, using a milestone as a landmark. While trying to blend in, his behaviour rouses suspicion amongst the villagers, and he escapes to make contact with Nazi agent Melfort. Upon discovering that Melfort is controlled by the British, he flees to the coast, crossing the Channel to arrive at the Dunkirk evacuation. He eventually enters a deserted Chateau, where he is double-crossed by a countess, then captured by the German army.

Schulz is returned to his post with Neuheim where he suggests using the forged money to pay German agents and buy treasures from occupied countries. He plans to steal a shipment. After his first plan fails, he attempts again with Neuheim's secretary, Gertrude Steiner, as his accomplice. He is once again double-crossed, captured, and sent to labour camp for three years.

Late 1944, war is going poorly for Germany: the forging operation is moved by Neuheim to the same labour camp Schulz is serving at. He maneuvers to once again be posted to act as Neuheim's clerk. As a last-ditch effort, Neuheim puts Schulz in charge of taking the forged money and equipment to the Alps for safety. With the other forgers' help, Schulz dumps everything in a lake, but is caught by an American patrol. Now penniless in late 1945, he is located by Neuheim and forced to retrieve the money.

Once again, Schulz is penniless and a released convict. He discovers he still has the map showing the location of the buried money in Britain. Travelling back and recruiting local criminal Stan to help him dig for it beneath the public lavatory built over the spot, the money is recovered. However, Stan and his gang try to double-cross Schulz but Schulz manages to escape with the canister of money and is pursued by Stan.