1. Poor to Fair Condition: An 1864 Indian wheat penny in poor to fair condition, with significant wear and tear, may be worth around $20 to $50.
2. Good Condition: A penny in good condition, with some minor wear and tear but still legible and recognizable, can be worth approximately $50 to $100.
3. Very Good Condition: An 1864 Indian wheat penny in very good condition, with minimal wear and tear and clear details, can be worth around $100 to $200.
4. Fine Condition: A penny in fine condition, with sharp details, good surface preservation, and minimal scratches or wear, can be valued between $200 and $300.
5. Extremely Fine Condition: An extremely fine specimen, with exceptional preservation, sharp details, and minimal signs of wear, may be worth $300 to $500 or even higher.
It's important to note that these value ranges are approximate and can fluctuate based on market demand, the specific condition of the penny, and other factors. To obtain a more accurate appraisal of an 1864 Indian wheat penny, it is advisable to consult with a professional coin dealer or appraiser who can examine the coin in person.