The 9ft (2.7m) bronze Tommy Cooper statue was cloaked in red cloth, the same colour at the comedian's trademark fez.
A crowd of around 2,500 brought traffic in Caerphilly to a halt as they gathered for the unveiling and a chance to glimpse visiting Hollywood star, Sir Anthony Hopkins.
Sir Anthony Hopkins delighted the crowd by going walkabout both before and after he unveiled the statue to Tommy Cooper.
A number of die-hard Tommy Cooper fans wore their fezzes to add to the atmosphere of the day.
The Hollywood star asks a fan where he got the photograph of him that he asked the actor to autograph.
The Port Talbot-born actor described Tommy Cooper as 'the comedian's comedian' and as great as Charlie Chaplin and Buster Keaton.