Lewis Iselin's replica of Francesco Lazzarini's full length Carrara marble statue of Franklin is ensconced in a niche above the doorway ofLibrary Hall. The sculpture, originally given to the LCP by Senator William Bingham in 1792, depicts a toga-wearing Franklin holding an inverted scepter, indicating the colonies' triumph over British rule.

Library Hall, at 105 South 5th Street, was originally built for the Library Company of Philadelphia (LCP) in 1789 by William Thornton. Founded as a subscription library supported by shareholders in 1731 by Benjamin Franklin and the Junto, his “society of mutual improvement,” the Library Company was America's first successful lending library and oldest cultural institution.

After the Library Company outgrew the space, it was torn down to to make room for the Drexel Building and the Library Company moved to 1314 Locust Street, where still stands. When plans for the redevelopment of the Independence Square historic area were drafted in the 1940s, the Drexel Building was razed the American Philosophical Society planned to erect a new Library Hall to house their collection, which had previously been stored in Philosophical Hall and later the Drexel Building. Dedicated in November 1959, Library Hall reproduced the famous Georgian façade of the Library Company's Hall.

Today, the rebuilt Hall houses the APS Collection, including the original journals of the Lewis and Clark expedition, a copy of the Declaration of Independence in Jefferson's own handwriting, a first edition of Sir Isaac Newton's Principia, and a first edition of Charles Darwin's Origin of the Species.

The American Philosophical Society (APS) was founded in 1743 by Franklin, as an offshot of the Junto. Early members included George Washington, John Adams, Thomas Jefferson, Alexander Hamilton, Thomas Paine, David Rittenhouse, Benjamin Rush, James Madison, Michael Hillegas, and John Marshall. By 1746 the American Philosophical Society had lapsed into inactivity. In 1767, however, the Society was revived and united with the American Society for Promoting Useful Knowledge on January 2, 1769, adopting the name "American Philosophical Society Held at Philadelphia for Promoting Useful Knowledge" and electing Benjamin Franklin as the first president of the group.

Independence National Historical Park preserves several sites associated with the American Revolution. Administered by the National Park Service, the 45-acre park was authorized in 1948, and established on July 4, 1956.