The San Carlo Colossus, known as San Carlone, is a monument constituted by an internal stone pillar support to which a wrought iron structure is attached. Embossed copper sheets are fixed to the iron structure to give the final shape to the monument. After more than 300 years of outdoor exposure, this statue represents an opportunity for an in-depth investigation of long-term galvanic coupling between wrought iron and copper. Most iron elements of the San Carlone appeared in good conservation conditions with scarce evidence of galvanic corrosion. In some cases, the same iron bars presented some portions in good conservation conditions and other nearby portions with active corrosion. The aim of the present study was to investigate the possible factors correlated with such mild galvanic corrosion of wrought iron elements despite the widespread direct contact with copper for more than 300 years. Optical and electronic microscopy and compositional analyses were carried out on representative samples. Furthermore, polarisation resistance measurements were performed both on-site and in a laboratory. The results revealed that the iron bulk composition showed a ferritic microstructure with coarse grains. On the other hand, the surface corrosion products were mainly composed of goethite and lepidocrocite. Electrochemical analyses showed good corrosion resistance of both the bulk and surface of the wrought iron, and galvanic corrosion is not occurring probably due to the iron’s relatively noble corrosion potential. The few areas where iron corrosion was observed are apparently related to environmental factors, such as the presence of thick deposits and to the presence of hygroscopic deposits that create localized microclimatic conditions on the surface of the monument.