The Bell of Courage was thought lost. The Stranger found it in Ultima IV in shallow waters between Buccaneer's Den and the Isle of Deeds, where later the island of Spektran would be. It was one of the keys to opening the Abyss. It is not clear what happened to it after that, but most likely it was brought to Serpent's Hold, the castle of Courage.
In Ultima IX, the Bell of Courage was found in the ruins of Serpent's Hold, guarded by the warrior Lyssa. The Avatar needed to slay the wizard Groldek before retrieving the bell. The Avatar required it for a ritual to free Shamino from the Ethereal Void.
What happened to it after this is unknown.
- The Keyring Mod by Marzo Sette Torres Junior adds the Bell of Courage to Serpent's Hold in Ultima VII.