I'm a docent at a museum in Southeast Asia. I believe this is a statue of the "Crowned Buddha".

This representation of the Buddha comes from a story. Once, Buddha appeared to a powerful king in the form of a king himself, wearing a crown. The king was so humbled by this show of power that he became a monk. I believe the crown on the statue points to this.

The earlobes are elongated as before he gave up his life as a prince, Buddha would have worn heavy earrings that would have stretched his ears.

The toes are the same length as this is believed to have been one of the marks that identified the Buddha as a great man at birth.

Behind the crown, in the centre of the statues head, is a lump. I believe this to be the ushnisha, a representation of Buddha's spiritual power. Alternatively, it may be a top knot, a representation of Indian royalty (Buddha is said to have cut his off when he renounced material wealth).

The hand gesture is the abhaya mudra. Done with both hands it is called "calming the waters". This is from a story. Once, Buddha went to a village of fire worshippers. He asked for shelter and they gave him a hut on the river bank. The river began to flood, but the Buddha held out his hands and the flood subsided. Seeing this, the village converted to Buddhism.

It's a bit odd to me that this hand gesture is seen in a Buddha from the Ming Dynasty, it's usually seen in the Theravada School in parts of Southeast Asia. The robe also looks rather Southeast Asian to me but I'm not really a scholar in the area.