A damper includes a piston that carries a relatively compact control valve for controlling fluid flow through the piston. The control valve provides a variable amount of damping by regulating damper fluid flow between the extension chamber and the compression chamber of the damper during extension and compression strokes. Pressure regulation across the piston is controlled through two alternate flow paths as determined by the control valve. Damping through the first flow path is relatively soft and is determined according to the deflective characteristics of a single bi-directional annular disc valve. Damping through the second flow path is relatively firm and is determined by the first bi-directional single annular disc and a second bi-directional single annular disc in series.