The Great Logan Paleomagnetic Loop has been interpreted to be a paleomagnetic signature of the North American plate motion during the Keweenawan igneous activity (1200--1000 Ma). However, the presence of three successive asymmetric polarities, along with new geochemical data from the Mamainse Point area, makes this interpretation untenable. A new interpretation is presented according to which the asymmetric polarities represent long-term zonal nondipole geomagnetic field components. Wilson's single-dipole offset model can in general explain the inclinational asymmetries, but it yields intensity ratios (reversed/normal) significantly lower than those observed. A coaxial two-dipole model is proposed that better takes into account the observed intensity data. This model consists of a geocentric dipole and an offset dipole located at the core-mantle boundary. The offset dipole simulates the long-term zonal average of the spherical harmonic nondipole field. If the geocentric dipole reverses while the offset dipole retains its constant polarity, nonantiparallel reversal results. A method is presented by which the depth of the offset dipole and the ratio of the dipole strengths can be determined using only the observed inclinations. The two-dipole model suggests that inclinational asymmetries are due to a different nondipole/dipole ratio during the normal and the reversed polarity. The most probable variant of the two-dipole models predicts that this ratio is 35% and 49% for the normal and the reversed polarity, respectively. A new interpretation for the evolution of the Logan Loop is described according to which at least 50% of the hairpin-shaped loop is produced by oscillation of the dipole strength ratio. Apparent polar wander (APW) is still evident, but the shape of the loop and the APW speed along the loop is reduced. The two-dipole model is tested by worldwide paleomagnetic data of Keweenawan age.