Methods of implanting a prosthetic valve in a body vessel are provided. A first expandable frame member is delivered to and deployed at a point of treatment in a body vessel. A second expandable frame member is delivered to the point of treatment. The second expandable frame member has an attached graft member that forms a valve adapted to permit fluid flow through the body vessel in a first direction and to substantially prevent fluid flow through the body vessel in a second, opposite direction. After deployment of the first expandable frame member, the second expandable frame member is deployed at the point of treatment such that the second frame member is positioned radially inward of the first frame member within said body vessel to form a prosthetic valve.