The origin of the Commemorative Air Force dates back to 1957, when Lloyd Nolen and four friends purchased a P-51 Mustang, each sharing in the $1,500 cost of the aircraft. With the purchase of the Mustang, known as Red Nose, the group was unofficially founded. In 1958, the group made their second purchase of two Grumman F8F Bearcats for $805 each. Along with the P-51, this gave the pilots the two most advanced piston-engine fighters to see service with the U.S. Army Air Forces and the United States Navy.