Initially: some bleeding, localized swelling, tenderness, and/or bruising.
During healing: some discoloration, itching, secretion of a whitish-yellow fluid (not pus) that will form some crust on the jewelry. The tissue may tighten around the jewelry as it heals.
Once healed: the jewelry may not move freely in the piercing; do not force it. If you fail to include cleaning your piercing as part of your daily hygiene routine, normal but smelly bodily secretions may accumulate.
A piercing might seem healed before the healing process is complete. This is because tissue heals from the outside in, and although it feels fine, the interior remains fragile. Be patient, and keep cleaning throughout the entire initial healing period.
Even healed piercings that you have had for years can shrink or close in minutes! This varies from person to person; if you like your piercing, keep jewelry in—do not leave the hole empty