She started out as a villainess, but became a heroine...
...and discovered that it was dangerous to be a masked woman in the Old West no matter what side of the law she was on!
Debuting in the Red Mask strip in Tim Holt #25 (1951) as the leader of a gang of train robbers, she eventually reformed and becoming Red Mask's crime-fighting partner as well as appearing in her own strip.
In fact, Black Phantom was popular enough to be given her own one-shot comic in 1954, from which this story was taken.
You may note that this story, written by Gardner Fox and illustrated by Frank Bolle, has a lot of "panel bursting" effects.
That's because it was done during the heyday of 3-D comics, but publisher Magazine Enterprises didn't want to pay the license for the red/blue 3-D effect used by numerous other comic companies, so they had their artists do a pseudo "three-dimensional" effect by extending art elements outside panel borders, then promoted it as "3-D in Full Color".
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