The conditions endured by chainmakers and their demands for a minimum wage caused a national scandal and in 1910 they held a strike.
It lasted for ten weeks and is credited with changing the lives of thousands of workers earning poor wages.
Artist Luke Perry, from a family of chainmakers, has created the statue after more than two years.
Mr Perry's statue was unveiled on Friday morning in Mary Macarthur park, named after the trade unionist who led the women chainmakers 102 years ago.
He said: "It's something which is a wonderful piece of our history, but still, I don't think enough people know about it."
The statue stands at 10 ft (3 metres) and weighs nearly three-and-a-half tonnes.
The area's links with chain making are kept alive every month at a rare surviving chain shop at Mushroom Green in the heart of the Black Country.
In 2010, a plaque honouring Mary Macarthur was put up in the park as part of the 100th anniversary events.

Sam Cooke, 22, from Manchester, arrived at his house to find two cards on his doormat.
One said the parcel had been put through an open window. The second read: "I'm really sorry I think your parcel might have fallen down the toilet...Accidently (sic)".
Thankfully, the box, containing printer ink, was "too wide to hit the water".
Pictures of the apologetic postie's cards and box in the loo have been shared thousands of times on Twitter since Mr Cooke posted them on Twitter.
Royal Mail has apologised but Mr Cooke didn't kick up a stink.
He said: "There's honestly nothing to apologise for, the parcel is absolutely fine, gave me and thousands of others a good laugh."
Though he has said he will keep the window closed in future.

The 1.8-tonne British bomb was found during construction work. Defusing it is expected to take most of the day.
It will be Germany's biggest post-war evacuation for an unexploded bomb, Spiegel news reports. In 2011, 45,000 residents of Koblenz were evacuated.
On Sunday there will be little traffic, making the Augsburg job easier.
The evacuation will start at 08:00 local time (07:00 GMT) and could continue into the night, the local news website Augsburger Allgemeine says.
The operation will affect 32,000 households living within a 1.5km (0.9 mile) radius of the bomb site. Schools, sports halls and an exhibition centre will accommodate the evacuees.
Augsburg is about 80km (50 miles) north-west of Munich. It was heavily bombed during the war.
From 1942 to 1945, the Royal Air Force and US bombers carried out massive raids on German cities, often round-the-clock, designed to sap the strength of the Nazi war machine.
A monument to the women chainmakers of Cradley Heath in the Black Country has been unveiled.
[NEXT_CONCEPT]
A shocked sports journalist got home to find a parcel which was posted through his window had landed in his toilet.
[NEXT_CONCEPT]
The authorities in Augsburg, southern Germany, plan to evacuate 54,000 people from the city centre on Christmas Day because of a World War Two bomb.