Dickie Bird says he is "thrilled and delighted" to see his statue back in Barnsley.
It had been removed to have a higher plinth built to discourage people hanging things off his outstretched arm.
Sculptor Graham Ibbeson says the statue was designed to be on a raised platform, but he doubts the six foot height boost will discourage any light hearted pranks.
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Thatcher, who was born in Grantham, was the first female prime minister of the UK.