1885 is not a rare date for Indian head cents. Numismedia lists the following approximate retail values as of 06/2010:
Very worn condition - $5
Moderately worn - $13
Slightly worn - $20
Almost no wear - $76
Uncirculated - $96 to $680 depending on quality
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A 1885 penny - aka Indian Head Cent in good condition (G4) is worth: $6.00; if its mint state is MS60, the value rises to: $200.
The only penny being produced by the US Mint in 1885 was the Indian Head penny. Wheat pennies were not produced until 1909.
This coin needs to be seen for an accurate assessment, take it to a dealer for a better idea of value.
There was never a silver Indian Head penny.
The Indian Head penny was not minted until 1859.