Towering 305 feet above Liberty Island in New York Harbor, Lady Liberty has welcomed millions of immigrants arriving in America. Experts estimate the Statue of Liberty could be worth $350 million to $500 million currently.
Key Questions
- How much does the Statue of Liberty cost in today’s money?
- Who owns the Statue of Liberty?
- Is the Statue of Liberty 100% copper?
- What is buried under the Statue of Liberty?
- How many statues of Liberty exist?
Historical Costs and Ownership
The cost was $250,000 in 1884. This would be over $55 million today. It was a gift from the French people, raised through crowdfunding. Today, the Statue is a reminder of the friendship between the U.S. and France.
Frédéric Auguste Bartholdi designed the torch to be covered in 24-karat gold leaf.
The renovation costs were $39 million, about $96 million today.
The Statue of Liberty is made of a steel and iron framework, covered in thin copper, which has oxidized to a green color. The Statue is owned by the U.S. government.
Current Value and Tourist Impact
The Statue of Liberty makes approximately $263 million USD each year and receives around 3.5-4 million tourists annually. It was constructed in 1884 and completed 10 years later.
Funding and Construction
Initially focused on the elites, the Union was successful in raising funds from across French society. The cost of the Statue of Liberty was $800,000, which is about $75 million today. Construction began under the supervision of Gustave Eiffel.
When the American Committee for the Statue of Liberty ran out of funds for the pedestal in 1884, Joseph Pulitzer helped with the fundraising.
The Statue was displayed in the Paris Exposition in 1878 to help raise funds—a prelude to its assembly in New York and dedication by President Grover Cleveland.
Material and Design
The Statue contains 31 tons of copper and 125 tons of steel. The Statue of Liberty arrived in New York Harbor on June 17, 1885, and was a gift from the people of France to the United States.