What is the value of a 1909-S Indian Head Penny?

That depends A LOT on where the coin was minted. If there is no mint mark under the wreath on the back, it was made in Philadelphia. These are relatively common; retail is about $2 if well-worn, up to $17 if almost uncirculated. HOWEVER, if there is a tiny "S" the coin came from the San Francisco mint and is much rarer. Values for the same range of conditions are $425 to $630. If you have a 1909-S, you'll need to have it authenticated because that issue has been counterfeited.