Coleman joined a renowned group of sporting legends outside the MCG with a statue unveiled in the high-flyer's honour as part of the Australia Post Avenue of Legends series.
Coleman's family, including daughter Jenny Goullet, watched on with former Essendon premiership players Tim Watson, Greg Brown and football identities as they revealed the bronzed sculpture (one-and-a-half times life-size) of Coleman.
Tim Watson said the statue was a fantastic way to celebrate Coleman's impact on the game – and a timely boost for the Bombers.
"He is such a revered figure not just in the Essendon Football Club but in the football world," Watson said.
"The statue is brilliant. That man inspired so many people to go and become not just Essendon fans but football fans - that's the sort of impact he had.
"I think that events like today are great for the football club because it is a reminder of what football clubs are all about as opposed to what we have been involved in during the year."
During an amazing career which was cut short after 98 games, Coleman kicked 537 goals (including 12 on debut), was his club's leading goalkicker in each of the six years and led the VFL goals tally on four occasions.
Coleman played in two VFL premierships (1949 and 1950) and his achievements subsequently earned him selection in the AFL Team of the Century and induction into the Australian Football Hall of Fame.
He later coached Essendon for seven seasons, including premierships in 1962 and 1965, before passing away aged 44 in 1973.
Many of Coleman's former teammates and players he coached were on hand for the unveiling.
Since 1955, the year after Coleman retired, the John Coleman Medal has been presented to the VFL/AFL's leading goalkicker.
The statue was created by sculptor Lis Johnson.
