It is an Indian Head Cent in average circulated condition. There were 17,650,000 made. In 1886 there was a design change, resulting in type 1 and type 2 Indian Head Cents. I'm not sure which yours is. The value is probably a few bucks.
heres a good reference: http://coins.about.com/library/US-coin-values/bl-US0001-Indian-Head-Penny-Values.htm