The 1820 STATESOF Dime used the same reverse as the 1814 STATESOF Dime, in which the words STATES and OF were crowded together into one long word instead of having a proper space between them. Davis et al. called this a Rarity 4 variety in 1984 and wrote "This is a very scarce variety and one of the more difficult 1820 dimes to locate in VF-30 or better condition." Today, the rarity rating is probably correct, but there are a number of nice, high-grade examples that have appeared on the market in the intervening years since 1984. Specifically, PCGS notes almost 20 examples better than VF30, including some nice Mint State examples in the MS62 to MS66 range. The finest example certified by PCGS is a single MS66; this may be the Gem example that appeared in Auction '80, as noted by Davis et al.
On this variety, the central details are usually strong, but some or all of the stars may be flat and indistinct.