The Monument consists of a statue of a woman holding a pedestal with a boll weevil perched on top.
The boll weevil (Anthonomus grandis), sometimes referred to as the "Mexican cotton boll weevil" was indigenous to Mexico, but appeared in Alabama in 1915. By 1918 farmers were losing whole cotton. H. M. Sessions saw this as an opportunity to convert the area to peanut farming. In 1916 he convinced C. W. Baston, an indebted farmer, to back his venture. The first crop paid off their debts and was bought by farmers seeking to change to peanut farming. Cotton was grown again, but farmers learned to diversify their crops, a practice which brought new money to Coffee County.
Bon Fleming, a local businessman, came up with the idea to build a statue and helped to finance the cost. As a tribute to how something disastrous can be a catalyst for change, and a reminder of how the people of Enterprise adjusted in the face of adversity, the monument was dedicated on December 11, 1919 at the intersection of College and Main Street, the heart of the town's business district.
According to wikipedia