According to Suszko’s Thesis, there are but two logical values, true and false. In this paper, R. Suszko’s, G. Malinowski’s, and M. Tsuji’s analyses of logical twovaluedness are critically discussed. Another analysis is presented, which favors a notion of a logical system as encompassing possibly more than one consequence relation. [A] fundamental problem concerning many-valuedness is to know what it really is. [13, p. 281].