The plaque had occupied a large planter in the centre of Newport, honouring popular late councillor Ernest Wright.
It says: "In 1913 Ernest Wright came to Newport and opened 'The Picture House' cinema in the Market Hall.
"He was elected to the Newport Urban District Council in 1919, becoming chairman in 1928, and remaining so until his death in 1932.
"The Picture House stayed open through two World Wars, giving free admission to the wives and families of serving soldiers and keeping people informed by showing the latest newsreels.
"His sons kept the cinema open until it finally closed in 1962."
The unloved planter had been vandalised and moved around the town, but has now been acquired by a private resident.
Town and county councillors Peter Scott and Tim Nelson arranged for the plaque itself to be removed and placed on the exterior of the famous Market Hall in the town centre.