<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-09-10</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000096223</issuerCik>
        <issuerName>LEUCADIA NATIONAL CORP</issuerName>
        <issuerTradingSymbol>LUK</issuerTradingSymbol>
   </issuer>
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        <reportingOwnerId>
            <rptOwnerCik>0001213617</rptOwnerCik>
            <rptOwnerName>LOWENTHAL BARBARA L</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
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            <rptOwnerStreet2>20TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10010</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
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         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>Vice President</officerTitle>
      </reportingOwnerRelationship>
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 <nonDerivativeTable>
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      <securityTitle>
         <value>Common Shares</value>
      </securityTitle>
      <transactionDate>
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      <transactionCoding>
         <transactionFormType>4</transactionFormType>
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         <equitySwapInvolved>0</equitySwapInvolved>
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      <transactionAmounts>
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         </transactionShares>
         <transactionPricePerShare>
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         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
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         </transactionAcquiredDisposedCode>
      </transactionAmounts>
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      <ownershipNature>
         <directOrIndirectOwnership>
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      </transactionCoding>
      <transactionAmounts>
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         </transactionShares>
         <transactionPricePerShare>
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         </transactionPricePerShare>
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      <transactionAmounts>
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         </transactionShares>
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 <derivativeTable>
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      </securityTitle>
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      <transactionDate>
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         <transactionPricePerShare>
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      <exerciseDate>
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      </exerciseDate>
      <expirationDate>
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      </expirationDate>
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         </underlyingSecurityTitle>
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      <transactionAmounts>
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         </transactionShares>
         <transactionPricePerShare>
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         <transactionAcquiredDisposedCode>
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         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
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      </exerciseDate>
      <expirationDate>
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      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
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         </underlyingSecurityTitle>
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      <ownershipNature>
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   </derivativeTransaction>
 </derivativeTable>
   <ownerSignature>
      <signatureName>Barbara L. Lowenthal</signatureName>
      <signatureDate>2003-09-11</signatureDate>
   </ownerSignature>
</ownershipDocument>
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X0201
4
2003-09-10
0
0000096223
LEUCADIA NATIONAL CORP
LUK
0001213617
LOWENTHAL BARBARA L
315 PARK AVENUE SOUTH
20TH FLOOR
NEW YORK
NY
10010
0
1
0
0
Vice President
Common Shares
2003-09-10
4
M
0
9000
22.625
A
9000
D
Common Shares
2003-09-10
4
M
0
4000
30.74
A
13000
D
Common Shares
2003-09-10
4
S
0
100
37.69
D
12900
D
Common Shares
2003-09-10
4
S
0
12900
37.65
D
0
D
Option to Purchase Common Shares
22.625
2003-09-10
4
M
0
9000
0
D
2001-05-19
2006-05-19
Common Shares
9000
6000
D
Option to Purchase Common Shares
30.74
2003-09-10
4
M
0
4000
0
D
2003-07-11
2008-07-11
Common Shares
4000
16000
D
Barbara L. Lowenthal
2003-09-11