The statue, which stands 5 ft. 2 in., was created by artist Leonard J. Brown. The piece is a statement on money and happiness.
“The sculpture serves to show people that money isn’t the only way to make you happy and we should all be thankful for what we have,” Brown explained.
It took the Liverpool-born artist six months to complete, after negotiating with the Bank of England for the used bank notes. He finally received them in the form of shredded pallets.
Eleanor Rigby was the character in a Beatles song by the same name, who died without a penny to her name.
The statue will be on display at the Museum of Liverpool until January 2015.