Should be two holes there where the old one was.
On the '39 thru '46 trucks, the green box shows where the tag should be.
[img]
http://oldtruckstuff.com/4146vintag.jpg[/img]
This is an image Peggy sent me a few weeks ago along with some other VIN related information.. I stuck the green box on the image just to make it a bit clearer as to where the tag could be found.
The tag would be oriented with the 'top' of the tag pointed twards the grill.