effigy vs graven image

effigy and graven image both are nouns.

Word	Noun	Adjective	Verb	Adverb
effigy	Yes	No	No	No
graven image	Yes	No	No	No

As nouns, graven image is a hyponym of effigy; that is, graven image is a word with a more specific, narrower meaning than effigy:

Other hyponyms of effigy include Guy, god, idol, bird-scarer, scarecrow, scarer, straw man, strawman, wax figure, waxwork, close-up.

effigy (noun)	graven image (noun)
a representation of a person (especially in the form of sculpture)	a material effigy that is worshipped