The seven spikes on the coronet represent the seven oceans and the seven continents of the world, indicating the universal concept of liberty.
The statue has an iron infrastructure and copper external which has turned green due to corrosion.
Although it's a sign of damage, the patina (green coating) also acts as a form of protection from further worsening. In 1984, the statue was listed as a UNESCO World Heritage Site.
The statuette sustained slight damage in 1916 when German set off an explosion during World War One.