When it was first proposed to build the statue, the total cost of the figure and pedestal, as well as of putting the two together, was estimated at $125,000, or about a million francs. Money was raised from both French and American citizens, with the French paying more towards the statue itself and the Americans for the pedestal.

However, once that sum had been raised, it was discovered that the estimate had been much too low. The final cost was 2 million francs or $250,000. It has been calculated that this would be about $45 million at today's prices.

It was quite difficult to raise the funds, especially when the costs went up. Some French people didn't see why they should pay so much for a gift to America, and many Americans were even less keen. In the end, though, when it was looking as though the project could come to nothing, there was a big fundraising drive in the US and the money was found.