There are two varieties of 1865 Indian cents, the "Fancy 5" and the "Plain 5". On the Fancy 5, the top of the 5 looks "curvey" while on the Plain 5 the top of the 5 is straighter looking. Initially, it was thought that the Fancy 5 was rarer, but over the years the Plain 5 appears to be scarcer, perhaps by a factor of 2 to 1.
The 1865 Fancy 5 Indian cent is a scarce coin in circulated grades and a very scarce coin in mint state. It is rarer than the 1864 (no L) and is perhaps a little less rare than the 1866, 1867, and 1868. Most of the mint state examples are Red & Brown, with about 20% to 25% of the total mint state survivors being Full Red. Gem Full Red specimens are available from time to time.