Trophies

In Fable, Fable: The Lost Chapters, Fable Anniversary, Fable II and Fable III you are awarded Trophies for completing certain quests. These can be hung up on your house's walls to increase their value or shown off to villagers to earn renown.

Fable

In the game files for Fable: The Lost Chapters, Maze's Clasp is referred to as Maze Head Trophy. Implying that at one point in development, you had the choice to execute Maze and receive his head as a Trophy.

1 Star

2 Star

3 Star

4 Star

5 Star

When used via the trophy expression or from the items menu they will gain the same number of renown points as their star value from every NPC within view but will decrease by 1 renown point for every subsequent use of the same trophy until the villagers will become bored with seeing them. They will then start to dislike you for being too boastful.
Many of the trophy mounts in the game are invisible, there is no placard or plaque visible to place the object on. This can make locating them extremely difficult, furthermore some locations where they can be placed are interacted with from a floor above the position or below it. This is most noticeable at Giles's Farm, if left alive and his home is later purchased the trophy mount is actually interacted with more easily from the upstairs room. If you enter remodeling mode and stand directly in the doorway it can be interacted with from the ground floor where it is actually located but you must find the exact spot to do so.
When the Trophy expression is used, the hero will display the most recent trophy added to inventory. To select which trophy to use, go to a property, that you own, with a trophy mount and either enter remodeling mode or walk up to a previously placed trophy. Mount the trophy that you wish to display and then replace it with one of lesser star rating or merely remove the mounted trophy. This will make that one the most recently acquired trophy.

According to the game files, the two missing trophies may have been Shadelight Book and Logan's Crown, likely rewards for Darkness Incarnate and Battle for Albion.
There are three types of Trophy Mounts available as gifts from villagers or a spouse. They can be put into your properties in place of a shelf and then trophies may be mounted to them. The three shapes are an oval, a pillow shape, and a tree-shaped mount. Most properties in Millfields have samples of all three.
Fable III does not make use of trophies to increase renown. Their only use is to decorate your properties to increase their value.

Many of the trophy mounts in homes are very difficult to actually use, you must be precisely positioned to interact with them. Some such trophy mounts are impossible to use, as there is no position that will allow them to be interacted with due to nearby objects such as rugs, chairs, etc blocking easy access to them.
Leaving trophies in a house that you rent out may cause them to disappear with no way of getting them back; as they disappear from the trophy room as well.