Abstract: A device for dispensing labels of value comprises a lockable housing for containing a roll of transport medium having a plurality of labels releasably adhered thereto successively along its length. The housing has a slot through which the transport medium can be discharged from the housing, and pinch rollers for engaging the medium outside the housing adjacent to the slot and, upon actuation, for drawing the medium through the slot. Upon command the pinch rollers are actuated to draw only sufficient medium through the slot to expose a single label for removal from the medium. The pinch rollers engage the medium with sufficient frictional force to rupture the medium if an attempt is made to manually pull the transport medium out of the slot when the rollers are not actuated.