Three years after this photo, construction of the Lady was completed. Today is the 125th anniversary of the official dedication of the Statute of Liberty. It is hard to imagine New York Harbor without her.
You can read more about the history of Lady Liberty here.
Liberty's arm and torch were on display in Madison Square Park from 1876 to 1882 to raise funds for construction and a pedestal. Click here for a great photo of the display. I believe Jack Finney references the event in Time and Again, a book I should like to re-read soon.