I will say that your coin has been Plated in the past, and then worn down afterwards. May have been a pocket-piece.
Very strange coin. I've never seen it before. Probably because I've never seen an Indian Head Penny... I agree with alurid because that's the only thing I can think could have possibly happened.
But I also have one that is all silver colored not plated and it is slightly thicker and feels heavier, any ideas? I will send pics when possible i am traveling today.
Not sure why they would plate a copper indian head IF it was real. You need to weigh them and measure them with a caliper as well. These sound and look awful fishy. Just my opinion.
The first few years of the Indian Head Cent, they were made with Copper-Nickel. They weigh more and had a different color.