I'm a butterfly novice, 6 mon experience, so for what it is worth this is my opinion. This is not an Indiana butterfly but a warm climate specimen. It is a Junonia evarete-tropical buckeye. A beauty and absolutely gorgeous with topside view of wings open.
Shorthog, i think you are doing really well...i've been at this for 5 years and am still a novice.
Nanny and Shorthog...this looks like a Junonia evarete, but i don't know. It is a neotropical butterfly that is normally found in Florida and the Caribbean, possibly south Texas, Mexico, Central America, and subtropical and tropical South America...so i don't know what it is doing in Indiana. I will send a D-Mail to lepfarmer to see what he has to say about this one.
Since this is an Indiana butterfly it is likely a Common buckeye. ID'ing buckeyes by underwing view has been very contentious on "BugGuide". "Butterflies of America" web site has examples of underwing views that support any of the three buckeyes (Common, Mangrove, Tropical). "Butterflies and Moths of North America" has examples of Common buckeyes that appear similar to the specimen in question.
Thanks for your comments Dale. Shorthog also came to this conclusion and nanny you should be comfortable now that you have a correct ID. Yes it would have been pretty cool to see a neotropical butterfly in Indiana, but what you have is no less beautiful. I love these butterflies ("common" and otherwise) and have a host plant on the way for them which will also host the Malachites and White Peacocks so i am looking forward to seeing more of them in my garden.