The statue of Liberty is in front of the Citadel on Gellert hill. It is the largest monument in the group of three bronze statues that were installed in honor of the soldiers who liberated Hungary from the Nazis during the Second world war. The statue of Liberty appeared on the hill in 1947. The choice of location was due to the fact that a 14-metre figure of a woman on 26-meter pedestal with raised hands palm branch was visible from almost anywhere in Budapest.

According to legend, in the hands of the woman originally was a prop, as a reminder that died during the war, the son of the Regent of Hungary, miklós Horthy was a test pilot. After the Nazis from the country in February 1945, the propeller was replaced by a palm branch, as Miklos Horthy was close to the Nazi regime.

Other statues of the monument is a dragon Slayer, zanesshy fist over the dragon, and the torchbearer of Plamen freedom in his raised right hand. The statue of Liberty is the motive 10 - forintos coins of the series. released until 1990.

Originally the inscription on the plaque in Hungarian and Russian languages read: to the Memory of the liberation of Soviet heroes the grateful Hungarian people. In 1989, after the country's transition from communism to democracy, the inscription was changed: the memory of all who gave their lives for the independence, freedom and prosperity of Hungary.