The Collaborative International Dictionary of English v.0.48:

Effigy \Ef"fi*gy\, n.; pl. Effigies. [L. effigies, fr.
   effingere to form, fashion; ex + fingere to form, shape,
   devise. See Feign.]
   The image, likeness, or representation of a person, whether a
   full figure, or a part; an imitative figure; -- commonly
   applied to sculptured likenesses, as those on monuments, or
   to those of the heads of princes on coins and medals,
   sometimes applied to portraits.
   [1913 Webster]

   To burn in effigy, or To hang in effigy, to burn or to
      hang an image or picture of a person, as a token of public
      odium.
      [1913 Webster]

WordNet (r) 3.0 (2006):

effigy
    n 1: a representation of a person (especially in the form of
         sculpture); "the coin bears an effigy of Lincoln"; "the
         emperor's tomb had his image carved in stone" [syn:
         effigy, image, simulacrum]