The First raising of the Flag over Iwo Jima is only known by still photographs. The camera man with a motion picture camera meet the Photographer who took the first picture and the photographer walked DOWN the Mountain. They exchanged some information and the Motion Camera man walked to the top of the the Mountain NOT expecting to see anything, but then caught the raising of the Second Flag on video. It became the more famous of the two raising.
When I was growing up (the 1960s and 1970s) the story was that the first flag was to small to be seen and thus a larger one had to be raised to stop the shelling (The Raising of the flag was a message to the Ships to stop shelling the Mountain). Later one I read the actual story, the Chief of the Navy saw the Flag go up, made his famous comment that this would secure the Existence of the Marine Corp for the next 500 years, and then issued an ORDER to get that flag so it would end up in some Museum for the US Marines not some Admiral, General or Politician trophy room. The Message was sent and a replacement Flag was found and sent up (Appears to be a dispute with the Regimental commander of the Regiment that took the Mountain, he also wanted the Flag for his unit). As the Second Flag went up, the first flag went down. As in proper Military protocol, a flag stays flying until another is rasied to replace it, then and only then can it be taken down (And you can NOT fly the same flag on two different flag posts, thus the First Flag had to go down when the Second went up).
More on the Raising of the Flag on Iwo Jima:
http://en.wikipedia.org/wiki/Raising_the_Flag_on_Iwo_JimaPicture of the First Flag going down, while the Second Flag is going up:
More picture of the Flag Raising:
http://www.iwojima.com/raising/raisingb.htm