The Tommy Cooper Society was set up in 2003 aimed at erecting the statue of the comic in the town of his birth.
The society raised £45,000 to pay for the statue.
The statue, which stands on a 4ft (1.2m) plinth shows him wearing his trademark fez and can be found straight opposite the magnificent castle in the heart of the town.
The society's patron, Sir Anthony Hopkins unveiled the huge statue after giving the crowd an uncannily accurate impersonation of the late great comic.
In his Tommy Cooper voice he said: "Before I start I just want to say this; this." He then proceeded to rattle off his favourite Tommy one-liners.
Sir Anthony said: "I just want to say what an honour it is to be here. Tommy Cooper was a one-off. He was a kind of tragic comedian; that great big face of his and great big hands and his boots and that ridiculous fez. I wish I had met Tommy Cooper but I never had that great privilege. But I have the privilege of coming here with his first cousin Bet and she is going to help me unveil his statue."
He went on to compare him with some of the greatest comedians of all time such as Charlie Chaplin and Buster Keaton.
"He was the comedian's comedian because he was such a self mockery artist," he added.
Tommy's daughter Vicky is a honorary member of the society and in a letter she recalled how proud her father was of his Welsh roots.