The Indian Head Cent (Indian Head Penny) was intended to replace the large cent. It was produced from 1859-1909 and designed by James Barton Longacre who was the chief engraver at the Philadelphia Mint. This particular Indian Head Cent was the last to weigh in at 4.67 grams as those from 1864 to 1909 weighed a bit less at 3.11 grams. It's composed of 88% copper and 12% nickel.
The obverse of the coin shows the goddess Liberty with a Native American headdress:
The reverse originally had a laurel wreath but this was changed to an oak wreath and shield in 1860:
The Indian Head Cent was replaced by the Lincoln Cent in 1909.
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