It represents the winning of the Battle at Iwo Jima
The 28th regiment, 5th division were first sent and i think raised the smaller flag. the larger flag was raised by the Marines of Company E, second battalion: Sgt. Michael Strank, Cpl. Harlon H. Block, Pfc. Franklin R. Sousley, Pfc. Rene A. Gagnon, Pfc. Ira Hayes, and PhM. 2/c John H. Bradley, USN.
It was officially dedicated by President Dwight D. Eisenhower on November 10, 1954, the 179th anniversary of the U.S. Marine Corps.