The film is about what really happened on 9/11/2001 and was released on April 13th, 2005, to a limited group of rabid fans (anticipating the release since July 2004) when it started being promoted on Phil Jayhan's website, Letsroll911.org.

Becoming somewhat of an underground success, the original Loose Change (1st Edition) was picked up by Pacifica Radio's KPFK station, based out of Los Angeles, for their quarterly fund drive. It was their highest-selling item, and essentially carried the entire fund drive.

After releasing the original Loose Change (1st Edition), it became apparent there were inconsistencies that needed to be fixed and improvements made.

This led to the eventual release of Loose Change 2nd Edition.