Sigil of Baphomet Pendant (30mm silver tone)

The baphomet is likely the most misunderstood esoteric image.  The image was drawn by Eliphas Levi in 1856.  Levi called his image the "Sabbatic Goat".  As drawn, it was an androgynous winged figure with a the head of a goat.  Lexi explained the baphomet / sabbatic goat the balance of opposing forces in balance.  Human & animal, male & female, light & dark.  A statue of baphomet may have been confused with Satan and led to the fall of the Knight's Templar.

However, the connection to Satanism was not established until more contemporary settings like the Church of Satan.  Oddly enough, the Church of Satan neither believes in or worships Satan.  In that setting, the sigil of baphomet seems to most often stand for religious freedom and rebellion.

1897 Version of the Sigil of Baphomet was first observed in the 1897 book La Clef de la Magie Noire by French occultist Stanislas de Guaita. The Hebrew letters spell out Leviathan (לויתן), the ancient serpent from the biblical Chaoskampf, while the 1897 symbol is further augmented by the text "Samael" and "Lilith".

Modern Verson of the Sigil Baphomet was adopted by Anton LaVey after he found it in the book A Pictorial History of Magic and the Supernatural by Maurice Bessy.  LaVey removed the the "Samael" and "Lilith" and attributed his creation to his pseudonym Hugo Zorilla.

Read more about the sigil of baphomet at Wikipedia