The memorial is an approx. 10 meters high obelisk erected by residents of Præstø County's 3rd constituency for Frederik 7 as a thank you for signing the first Danish constitution in 1849
It was donated to Næstved Municipality, and stood in Axeltorv in the years 1870-1957. In 1957 it was dug up in connection with the construction of a parking basement. The foundation of the memorial is still found under the floor of the underground car park. The obelisk was then moved to its new location at Amtmandsgården.