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QR Codes have become a pervasive mechanism for encoding machine-readable digital data in the offline world. As the Internet age has taught us, mechanisms that become pervasive very often engender privacy concerns regarding their use. As such, here we conduct an investigation of the privacy implications of the QR Code ecosystem as it exists today. We find that there are several shortener services with substantial popularity, and investigate the extent to which these shortener services conduct various types of tracking of individuals who interact with the created QR Codes. Additionally, we collect 948 QR codes posted within the world, and evaluate them for various types of tracking as well. Overall, we find no evidence that QR codes are a substantial or unique privacy threat when compared to other link sharing mechanisms available online. Even so, the theoretical potential for surreptitious tracking exists, and more in depth study of the QR Code ecosystem will allow for deeper investigation of the relationship between online and offline tracking.