What the multiverse is
Gardner Fox introduced the multiverse framework in The Flash #123 (September 1961). The ‘Flash of Two Worlds’ issue established that Barry Allen and Jay Garrick exist on parallel Earths, with Earth-One as Barry’s home and Earth-Two as Jay’s. The framework solved the continuity-rationalization problem of having two Flashes by treating them as inhabitants of separate but parallel realities.
The multiverse expanded across the 1960s and 1970s into a much larger structure. By the early 1980s, DC’s multiverse included Earth-One, Earth-Two, Earth-Three (the Crime Syndicate), Earth-S (Captain Marvel/Shazam), Earth-Four (Charlton Comics characters), Earth-X (Quality Comics characters), and various others. The 1985-1986 Crisis on Infinite Earths collapsed the multiverse into a single post-Crisis New Earth.
The multiverse was retired through 2007 and restored as a fifty-two-Earth structure in the 52 weekly series. Grant Morrison’s The Multiversity (2014-2015) formally cataloged the post-Flashpoint multiverse with Earth-0 / Prime Earth as the primary universe.
Collector context
The Flash #123 trades in the high four to low five figures at CGC 9.4 and above. The book is the foundational multiverse-framework issue. Crisis on Infinite Earths #1 (April 1985) is the second-tier collector key for multiverse continuity events.