We are given that a person distributes toffees to 5 students. To each student, he gives one more than half the number of toffees he has at that moment.
After distributing toffees to the fifth student, he is left with none.
Let's work backwards from the fifth student:
Therefore, the person initially had \( \boxed{62} \) toffees.
Let the initial number of toffees be \( 64x \).
Since all toffees are exhausted after giving to the fifth child, we are given: \[ 2x - \frac{31}{16} = 0 \] Solving: \[ 2x = \frac{31}{16} \Rightarrow x = \frac{31}{32} \]
Total initial toffees: \[ 64x = 64 \times \frac{31}{32} = \boxed{62} \]
The person initially had 62 toffees.
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