Picked this up over the weekend. First one I've even owned. A Off Center Indian Head center with an area where it looked like the coin almost capped over the die..not just struck off center. I've seen lots of Lincoln cents off center but this is the first off Center Indian I've ever been able to purchase.
The collar was still in place and the planchet was partially in and partially out of the collar. When the coin was struck the collar resisted being forced down (It is mounted on spring to help prevent damage.) causing the planchet to be bent slightly upward toward the hammer die.
Yes it is an off-center, I was just explaining why it has the slightly cupped shape. If the collar had NOT been properly in place the coin would have been flat or nearly so.
This coin is interesting. It appears to possess a full rim from two different strikes, with the second strike off center, but no central design details from the first strike. That last part puzzles me a bit.