I am a little confused by this card. Can the any phase effect ( pay 1 gold to return it to your hand) be played from the discard pile or do I have to have one in play to bring back a second one in my discard pile?

The card text refers to itself by name, so it only applies to itself. The effect can be played from the discard pile.

Since the card says it can work from the discard pile, it can. Remember that the rule is "only cards in play are actionable - unless the card specifically says otherwise."