1901 indian head penny

The reverse seems to be from a capped die. What could it be worth?

 

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That looks more like damage.
A capped die usually occurs on the Obverse side of a Capped Die Error.

 

just damage

 

To be more specific, a capped die always occurs on the hammer die (which, is usually the obverse. The obverse is not necessarily the hammer for all series, however).

I agree that this particular coin appears to have suffered extreme environmental damager.

 

Yes. This is a better explanation

 

The reverse is toasted and it's worth a quarter in that condition.