The fastest way to get effigies: Go to the Iron Keep Threshold Bridge and equip the pyromancy Warmth (you don't need Warmth, but it's courteous). Summon every red sign you see. Stand back in the alcove in the middle and let the phantoms fight each other. You usually won't be attacked unless one of them is a dick but still, you won't lose ANYTHING. With each phantom that dies, you will gain an effigy. Heal the winner with warmth in alcove after each duel. Sometimes the phantom will heal themself with miracles. YOU DON'T HAVE TO FIGHT. There are many people who only play the game, including myself, just for this. You'll have enough effigies to finish the game in no time.
Don't forget to place prism stones all over the bridge. Can't have a fight club without prism stones.