This a 1oz silver bullion coin. It is worth around $40 because of the silver content. It is worth the price of silver per ounce.
Indian head cents were minted from 1859 to 1909. The front side had a picture of Miss Liberty wearing a Native American headdress and the back side had a shield and wreath with the words ONE CENT.
It is not mint but is in fairly good shape. The back is a wreath, open at the top, with the Presidential shield at the top. In the Wreath is the wording "One Cent".
Indian Head cents were made from 1859 to 1909. There are several varieties: > 1859 : made from copper-nickel, with a wreath on the reverse > 1860 to mid-1864 : copper-nickel, with a shield and modified wreath on the reverse > mid-1864 to mid-1909 : bronze, with a shield and wreath Indian head cents were minted every year during that time. Nearly all were made in Philadelphia and do not carry a mint mark. In 1908 and 1909 small numbers of Indian head cents were struck at San Francisco. They were the first cents struck there even though that Mint had been in operation for decades, and are the only US cents to ever have the mint mark on the back (below the wreath).
The obverse (front) of an Indian Head cent has the date, legend and bust. The reverse has the shield, wreath and denomination of one cent.
Prior to the Lincoln cent, first produced in 1909, the US one cent piece always (except in 1856-1858 with the flying eagle cent) had a representaion of Liberty on the front and a wreath with the denomination on the back. (Note that the "Indian Head Penny" is actually Liberty wearing an Indian headdress.)
The only US coin ever made with the roman numeral V (5) on the reverse was the Liberty Head Nickel 1883-1912 and the word CENTS is below the wreath and has no silver it's made from copper and nickel.Most coins show heavy wear an have low retail values of $1.00-$3.00.
What you have isn't a US coin, but rather a privately minted silver bullion round. It is worth whatever 1 troy ounce of silver is worth, at the time of writing it is worth about $34, but the price of silver fluctuates, sometimes wildly, so tomorrow it will be worth more or less.
With all Morgan Silver Dollars, the mint mark is located on the reverse side underneath the wreath which is below the Eagle's arrows.
Please post a new question with the coin's date and mint mark, and the position of the "A" on the wreath.
That is a privately minted silver round. It only has a bullion value for the ounce of silver it contains -- as of 6/2012 that is about $28 Current prices for an ounce of silver can be found at www.kitco.com
All Indian Head cents from 1860 to 1909 have a Shield & Oak Wreath reverse not a Wheat Ear reverse. 1904 is a very common year. Average retail value is $1.00-$2.00.
These coins are well-known fakes made long after 1851. The Indian Head design is taken from the famous Indian Head cent that wasn't issued until 1859. The wreath design on the back is copied from a gold dollar issued at roughly the same time. In addition, the font used for "UNITED STATES OF AMERICA" post-dates 1851 and no US coin ever had the country's name on both sides. Finally, a simple specific gravity or drop test will show that the coins are made of a base metal rather than silver. There were two types of genuine dollar coins struck that year. Neither one carries an Indian head design. The large silver dollar carries a Seated Liberty image, while the small gold dollar carries a Liberty Head image.