The double-headed coin belonged to the criminal "Boss" Moroni and it was found in a crime scene with his fingerprints on it. Harvey Kent used the coin as evidence in the trial against Moroni. Unfortunately, Kent's face was scarred in half by acid thrown at him by Moroni. Losing his sanity, Kent became the criminal Two-Face and decided to leave his decisions upon fate. For this, he scarred one side of the double-headed coin to use it as the instrument that would help him decide between good and evil.
After Kent's face was surgically restored, he allowed Batman to keep the coin among his many other collected items in his secret hall of trophies.
A second coin was created by former actor turned criminal called Paul Sloane, who was accidentally scarred just like Two-Face. The accident broke his mind and he used a prop coin to turn it into a double-headed coin. When Batman captured Sloane, he also remove the coin from his possession.
The original coin was eventually stolen by the third Two-Face impersonator, George Blake, who also used a couple of custom made coins on his crimes. However, Blake didn't follow the coin's rules and he just followed its decision according his own convenience. After Batman captured Blake, the coin returned to Batman along with the fake ones.
It was later revealed that Dent had a duplicate of the double-headed coin, which he used to start a second wave of crimes as Two-Face.
- In the movie Batman Forever and the episode Two-Face, Part II of Batman The Animated Series, Batman easily defeated Two-Face by throwing up multiple quarters and silver dollars while the villain was in the middle of flipping his coin. The former resulted in death of that universe's Two-Face.
- In the movie The Dark Knight, Dent was burned in a fire instead of hit with acid or scarred by Maroni. Following his updated origins, one side of the coin was scorched instead of scarred.