<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   04/22/03  TZ    -->
<ownershipDocument>
    <schemaVersion>X0101</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-05-19</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000096223</issuerCik>
        <issuerName>LEUCADIA NATIONAL CORP</issuerName>
        <issuerTradingSymbol>LUK</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
      <reportingOwnerId>
            <rptOwnerCik>0001213601</rptOwnerCik>
            <rptOwnerName>CUMMING IAN M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>  </rptOwnerStreet1>
            <rptOwnerStreet2>  </rptOwnerStreet2>
            <rptOwnerCity>  </rptOwnerCity>
            <rptOwnerState>  </rptOwnerState>
            <rptOwnerZipCode>  </rptOwnerZipCode>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>Chairman of the Board</officerTitle>
       </reportingOwnerRelationship>
   </reportingOwner>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Common Shares</value>
      </securityTitle>
      <transactionDate>
         <value>2003-05-19</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>5</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>169815</value>
         </transactionShares>
         <transactionValue>
           <value>0</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>699615</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>See Explanation</value>
            <footnoteId id="F2"/>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Common Shares</value>
      </securityTitle>
      <transactionDate>
         <value>2003-05-19</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>5</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
            <footnoteId id="F1"/>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>169815</value>
         </transactionShares>
         <transactionValue>
           <value>0</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>8908737</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <nonDerivativeSecurity>
      <securityTitle>
         <value>Common Shares</value>
      </securityTitle>
      <transactionDate>
         <value>2003-05-19</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>5</transactionFormType>
         <transactionCode>G</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>579303</value>
         </transactionShares>
         <transactionValue>
           <value>0</value>
         </transactionValue>
         <transactionAcquiredDisposedCode>
           <value>D</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
     <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>120312</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>See Explanation</value>
            <footnoteId id="F3"/>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeSecurity>
   <footnotes>
<footnote id="F1"> 169,815 shares were transferred from a grantor retained annuity trust (GRAT) of which the Reporting Person is a beneficiary, back to the Reporting Person.</footnote>

<footnote id="F2"> Consists of 120,312 shares beneficially owned by the Reporting Person's wife (directly and through trusts for the benefit of his children of which the wife is trusee) and 579,303 shares in the GRAT.</footnote>

<footnote id="F3"> Consists of 120,312 shares beneficially owned by the Reporting Person's wife (directly and through trusts for the benefit of his children of which the wife is trustee)</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>Ian M. Cumming</signatureName>
      <signatureDate>2003-06-11</signatureDate>
   </ownerSignature>
</ownershipDocument>
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X0101
4
2003-05-19
0
0000096223
LEUCADIA NATIONAL CORP
LUK
0001213601
CUMMING IAN M
1
1
1
0
Chairman of the Board
Common Shares
2003-05-19
5
J
0
169815
0
D
699615
I
See Explanation
Common Shares
2003-05-19
5
J
0
169815
0
A
8908737
D
Common Shares
2003-05-19
5
G
0
579303
0
D
120312
I
See Explanation
169,815 shares were transferred from a grantor retained annuity trust (GRAT) of which the Reporting Person is a beneficiary, back to the Reporting Person.
Consists of 120,312 shares beneficially owned by the Reporting Person's wife (directly and through trusts for the benefit of his children of which the wife is trusee) and 579,303 shares in the GRAT.
Consists of 120,312 shares beneficially owned by the Reporting Person's wife (directly and through trusts for the benefit of his children of which the wife is trustee)
Ian M. Cumming
2003-06-11