King George VI died in 1952 at the early age of 56. In 1955 a statue of the late King wearing naval uniform was unveiled here on The Mall. After he was succeeded by his daughter Elizabeth II, George’s wife Elizabeth thereafter became known as the Queen Mother. She lived to the grand age of 101 years old. After her death in 2002 it was decided to add a statue to that of her late husband to create a combined monument. The cost of two million pounds to revamp the site was raised by issuing a gold £5 coin to commemorate the 80th birthday of Elizabeth II.