(1) A two-faced figure may symbolize the ambivalence of something or someone, yourself or part of yourself. For example, what is in your unconscious (and seen perhaps only in dreams) may at first seem evil but, on further acquaintance, prove to be life-enhancing.
(2) It may of course, if the person is a real-life acquaintance, mean that he or she is insincere and not to be trusted.
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