It’s possible to be too rigid:
But bold-faced goes back to Shakespeare in the sense of a shameless or impudent appearance, so its reasonable that a boldfaced lie is one told with a shamelessly bold face. At times its regarded as an error, though its to be found almost as early as barefaced lie:
The sneer, the sarcasm, the one-sided statement, the perplexing reference, the qualified concession, the bold-faced lie, all these we could well illustrate by samples of the current crop.
Eclectic Review, Sept. 1832.
http://www.worldwidewords.org/qa/qa-bal2.htm
Thanks for that. I love reading about the history and evolution of our language.