Fundraising for Renovations Liberty.

How Much Is The Statue of Liberty Worth?

How Much Is The Statue of Liberty Worth? Liberation is not free. Liberty and Ellis islands’ maintenance is estimated by the National Park Service to be at least $6 million a year.

In addition to maintenance costs, the Statue of Liberty and her island have undergone numerous renovations over the years, starting with a four-year renovation in the 1980s and ending in May 2019 with the opening of a brand-new (and pricey) Statue of Liberty Museum. Going to see an old statue seems like a lot of work. There is, however, something unique about Lady Liberty, as anyone who has stood on her throne can attest.

How Much Is The Statue of Liberty Worth?

How Much Is The Statue of Liberty Worth?

Early 1880s – The cost for the statue

To help the statue gain popularity in France, the French-American Union was established in 1875. Apart from the French government, they accepted donations from Parisian business owners, city councils, a copper company, and even schoolchildren. They finally announced in July 1880 that they had amassed sufficient funds to finish the statue.

The copper and steel statue’s total price ended up being around 2 million Swiss francs, or about $400,000 at the time.

Lazarus and Pulitzer Support for Liberty

Lazarus and Pulitzer Support for Liberty

By 1885, the United States still required $100,000 to fund the pedestal of the Statue of Liberty. Emma Lazarus, a poet, and Joseph Pulitzer, a newspaper publisher, were responsible for some of the most well-known fundraising initiatives.

In order to connect the statue to the subject of immigration, Lazarus wrote the poem “The New Colossus” for it.

In contrast, Pulitzer offered to publish the names of all donors in his newspaper, The World, as a means of encouraging donations. More than 160,000 donors made shockingly large donations, totaling $101,091.

Cost of the Statue and Pedestal.

A quarter-million dollars was spent on the pedestal on which the Statue of Liberty stands. Joseph Pulitzer played a major role in completing the pedestal, even though the American Committee of the Statue of Liberty was able to raise $150,000.

The total cost of the pedestal is $250,000.

In 19th-century dollars, the combined price of the Statue of Liberty and her pedestal was a staggering $650,000.

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Damage caused by war

Lady Liberty suffered greatly during World War I. A series of explosions were set off by a German plot in 1916 on Black Tom Island, which is only a mile from Liberty Island. Access to the torch for the general public was never again permitted after the explosions, which cost $100,000 in damage. Following that, the Statue of Liberty saw two world wars.

Fundraising for Renovations Liberty.

Fundraising for Renovations Liberty.

President Ronald Reagan established the Statue of Liberty-Ellis Island Commission in 1982, with the goal of restoring the Statue of Liberty. The objective was to raise sufficient funds for the Statue of Liberty and the nearby historic Ellis Island buildings to undergo a complete renovation.

Lady Liberty’s reputation as the personification of welcoming immigrants to America can be partially attributed to Ellis Island. 17 million deportees arrived in the United States between 1943 and 1954, and the statue was the first thing they saw.

Scaffolding was built around the statue in 1984, much like it was when it was built. Hole filling, paint removal, and bar replacement were among the tasks given to the workers. The torch, however, received the most extensive renovation.

The estimated cost of the Statue of Liberty and her torch’s renovations was $39 million, or roughly $96 million in today’s currency. That, however, pales in comparison to the Ellis Island renovations, which cost close to $130 million, or $321 million today.

Renovations totaled $39 million.

Statue of Liberty Museum.

There are 26,000 square feet of history in the museum. Visitors can watch a film about the statue’s creation on curved, panorama screens, creating an immersive experience. The centerpiece of the museum is the original torch used by Lady Liberty, which was previously kept in the pedestal of the statue.

Fortune estimates that the Statue of Liberty Museum will cost more than $70 million in total.

The Statue of Liberty cost at least $109.65 million in total.

Total Statue of Liberty Cost

Total Statue of Liberty Cost

When the costs of constructing the statue and pedestal, refurbishing them in the 1980s, and establishing a separate museum in 2019 are added together, the total comes to nearly $110 million. However, given that maintenance costs about $6 million a year, not to mention the repairs made in the wake of 9/11 and Hurricane Sandy, this figure is probably far below the actual sum.

The people of New York, though, seem willing to pay whatever price is necessary to protect this beauty after more than a century of doing so.

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What is the scrap metal value of the Statue of Liberty?

What is the scrap metal value of the Statue of Liberty?

Iron framework.

The Statue of Liberty is not made entirely of copper. The statue’s frame was made of puddled iron. The pylon, or skeleton of the statue, is supported by four iron legs and nine horizontal support struts and diagonal braces. Because Gustave Eiffel designed both, this frame and the Eiffel Tower share some similarities. 

With the Statue of Liberty’s copper exterior, it is difficult to see this frame. The frame also includes an armature that supports the statue’s outer contour. The statue contains a total of 250,000 pounds of puddled iron, which would only be worth about $30,000 on the current scrap market.

Sheets of copper

The copper in the Statue of Liberty is what gives it its true scrap value. Copper sheets that were already a quarter-inch thin were hammered even thinner before being riveted and saddled to the armature to cover the statue’s entire exterior. This copper started out looking like regular copper, but as it aged, the statue turned green. 

The statue required approximately 62,000 pounds of copper in total, which, at current copper prices of more than three dollars per pound, amounts to approximately $200,000 dollars.

Total Cost

The Statue of Liberty is only worth about $230,000 in scrap when the iron framing, copper sheets, saddles, and rivets are all added together.

 This statue would be of extremely little value to a thief given the quantity of resources needed to remove and transport all that metal. Of course, the Statue of Liberty’s historical significance outweighs the value of its metal. It is worth much more than the parts of it to the people of the United States because they see it as a symbol of freedom.

Frequently Asked Questions

How much gold does the Statue of Liberty have?

The original torch was transferred at that time to the pedestal lobby, and it was moved to the “Torch Gallery” in the Statue of Liberty Museum in 2018. The copper version from 1986 is adorned with 24k gold leaf.

How much would the Statue of Liberty cost to build today?

The estimated cost of the Statue of Liberty and her torch’s renovations was $39 million, or roughly $96 million in today’s cash.

How much money does the Statue of Liberty make each year?

Nowadays, the Statue of Liberty earns slightly more than $263 million USD per year and receives between 3.5 and 4 million visitors per year.

Wrap up

The Statue of Liberty is truly a worthy masterpiece. So now you know How Much Is The Statue of Liberty Worth. What do you think about this amount? Please comment below to share your thoughts on the value of this statue with Artseensoho‘s readers.

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