Symbolism, Imagery, Allegory
If you were cognizant of news events in 2003 (or have just seen your fair share of old news footage), you probably recognized that the scene where a group of rebels tear down the statue of King George on Broadway looks an awful lot like the Iraqi citizens tearing down the statue of Saddam Hussein after American troops invaded. That's because the passage of two centuries doesn't dampen the desire for independence from cruel and unjust rulers—nor the rash behavior that often comes with it.
The huge, ornate statue of King George riding a horse is clearly a symbol of the authority the King wields over the Colonies. This significance isn't lost on Isabel—as she observes:
The horse and the man were fashioned larger than could be possible, but I guess that was the way of kings. They were both made of gold that sometimes glittered in the sunlight, but dulled when the clouds interfered. (20.7)
Isabel really nails with this observation: The King demands respect and control, until "clouds" of rebellion move across his path.
When the statue finally gets toppled, though, the rebels show Isabel that all that glitters isn't gold—literally. As they begin to chop up the statue with an axe, Isabel marvels at how easily the thing comes apart and wonders how it's possible for gold to get broken up that easily. It's only when a soldier holds up the statue's head that she sees the truth: "The King was not made of gold, but of soft lead, covered with gilt paint" (20.13). Georgie might look like a golden boy, but he's actually nothing but a cheap substitute. Oops.
Similarly, he might make a lot of noise over the rebellion against him, but in reality, he's just a regular dude in a regular position of power that can be overthrown by regular people. Which, you know, is exactly what happens.