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Indian head cents were slightly redesigned during the middle of 1886, resulting in two varieties. Look at the last (lowest) feather in the headdress to see where it points vs. the letters in AMERICA. Values as of 03/2010:

Feather between the I and the C:

Very worn condition - $6

Moderately worn - $22

Slightly worn - $52

Almost no wear - $160

Uncirculated - $198 to $1,890 depending on quality

Feather between the C and the A:

Very worn condition - $8

Moderately worn - $32

Slightly worn - $77

Almost no wear - $210

Uncirculated - $264 to $1,850

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Q: What is the value of an 1886 Indian head penny?
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