George Munson worked aboard the ship "Golden Boy", which in 1947 sank while carrying a shipment of gold. Munson almost drowned but was saved by Tubby Bates. He and the other survivors, Bates, Al Brown, Jed Tompkins, and Nils all made a pact to go after the jewels once the heat had died down. They all took up other professions in Rivertown until then. However, Munson decided that he wanted the jewels for himself and murdered Nils. He was arrested for the killing and was sentenced to hang. However, he had made a deal with the prison doctor and a guard in exchange for a share of the gold. On his execution night, Munson claimed he was innocent and vowed to come back and get revenge on those responsible for hanging him. Before the execution, the prison doctor threw the fuse box and the guard replaced Munson's body with a corpse, which was hung in his place.
Shortly thereafter, Munson -- wearing a ghoulish costume and calling himself the Dead Hangman of Rivertown -- went on a murder spree. He killed the prison doctor, guard, his hangman as well as Jed Tompskins in his quest to claim the jewels entirely for himself. The hanging of Thompson attracted the attention of the nearby Sub-Mariner. When Namor was cutting down Jed's body, Munson knocked him out from behind and attempted to hang him. Namor broke free but Munson managed to escape.
Munson decided to taunt the Sub-Mariner by leaving him clues that would lead the hero to the next victim. Munson next killed Al Brown aboard his schooner, and had attack dogs ready to deal with Namor when he arrived on the scene, allowing him to escape again. He left another clue which led Namor to Tubby Bates. After Bates told Namor about the jewels, Munson shot him from afar. Munson then took the neice of Al Brown hostage and with a crew went to salvage the jewels from the Golden Boy. Namor had followed them. Munson then forced Namor to stand down by revealing that he had Ms. Brown as a prisoner. However, when he attempted to hang Namor again, the Sub-Mariner smashed open a porthole, flooding their air tight room. To survive, Munson surrendered and was brought to the surface where his entire plot was revealed.
Munson was turned over to the authorities where he was expected to be hung for real this time. However if this was his ultimate fate or not has not been verified.
Munson wore a costume that made him appear to be a ghostly apparition. No explanation was provided as to how he succeeded in making a costume that made him appear transparent.
Munson primarily killed his victims with a noose, but also was armed with a gun.