Jaime Hernandez: The 1864 Copper Nickel Indian Cent is the second lowest mintage coin in the Copper Nickel Indian cent series from 1860 - 1864.
In circulated grades it is harder to find than the 1860, 1862 and 1863 or the common dates. Therefore, the 1864 Copper Nickel Cent commands a slight premium over the more common dates in most circulated grades. Only the 1861 with a lower mintage is more difficult to find in circulated grades. This is also why the 1861 commands a slightly higher premium than the 1864 Copper Nickel in circulated grades.
MS65: In grades of MS65 and higher the 1864 Copper Nickel Cent is the scarcest of all Copper Nickel Indian Cents struck from 1860 - 1864.
MS66: In MS66 grade the 1864 Copper Nickel Indian Cent it is very difficult to find. There are probably 10 - 15 examples that have survived in this grade.
MS67: This is the highest grade possible and as of 2010, PCGS has only graded one lone example in MS67 grade.