1838, "counterfeit money, spurious coin," American English, apparently from a slang word applied (according to some sources first in Ohio in 1827) to a counterfeiter's apparatus.
Some trace this to tantrabobus, also tantrabogus, a late 18c. colloquial Vermont word for any odd-looking object, in later 19c. use "the devil," which might be connected to tantarabobs, recorded as a Devonshire name for the devil. Others trace it to the same source as bogey (n.1).