Depending on the storage conditions and how long it's aged, the primary affects are likely to be either blooming or rancidity.

Bloom is the separation of cocoa butter from the other components, which results in a white coating over the chocolate that is generally still safe to eat, but may have an unappetizing appearance and surface texture. 

Rancidity on the other hand occurs due to oxidization of the fat molecules and results in not only a change in the chocolates color, but a unpleasant smell and taste.
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