What This Coin Looks Like (Obverse, Reverse, Mint Mark Location, Special Features, etc.): There were two major types of 1886 Indian Head Cent (Penny) varieties. The one shown above is the Type 1 (Variety I) penny.
The difference between the type 1 vs type 2 1886 Indian head cent is a slight style change particularly on the obverse of the coin. The type 1 style was the earlier one which is best identified by noticing the last "A" in "AMERICA" on the obverse of the coin. The leading "A" is closer to the date and lines up with the Indian head's lock of hair. The type 2 version was the newer style where the "A" appears further away from the date in the counter-clockwise direction. The difference between the two is depicted in the example image below. Please note the differences in width between the white lines:
Coin Value Chart: Typical Coin Prices, Values and Worth in USD based on Grade/Condition