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MINT (M)  These are absolutely perfect in every way. 

NEAR MINT (NM OR M-)
A good description of a NM record is “it looks like it just came from a retail store and it was opened for the first time.” In other words, it’s nearly perfect. 

NM records are shiny, with no visible defects. Writing, stickers or other markings cannot appear on the label, nor can any “spindle marks” from someone trying to blindly put the record on the turntable. Major factory defects also must be absent; a record and label obviously pressed off center is not Near Mint. If played, it will do so with no surface noise. (NM records don’t have to be “never played”; a record used on an excellent turntable can remain NM after many plays if the disc is properly cared for.)

NM covers are free of creases, ring wear and seam splits of any kind.

VERY GOOD PLUS (VG+) or EXCELLENT (E)

A good description of a VG+ record is “except for a couple minor things, this would be Near Mint.” Most collectors, especially those who want to play their records, will be happy with a VG+ record, especially if it is toward the high end of the grade (sometimes called VG++ or E+).

VG+ records may show some slight signs of wear, including light scuffs or very light scratches that do not affect the listening experience. Slight warps that do not affect the sound are OK. Minor signs of handling are OK, too, such as telltale marks around the center hole, but repeated playing has not misshapen the hole. There may be some very light ring wear or discoloration, but it should be barely noticeable.

VG+ covers should have only minor wear. A VG+ cover might have some very minor seam wear or a split (less than one inch long) at the bottom, the most vulnerable location. Also, a VG+ cover may have some defacing, such as a cut-out marking. Covers with cut-out markings can never be considered Near Mint.

Very Good (VG)
Many of the imperfections found on a VG+ record are more obvious on a VG record.  VG records have more obvious flaws than their counterparts in better shape. They lack most of the original gloss found on factory-fresh records. Groove wear is evident on sight, as are light scratches deep enough to feel with a fingernail. When played, a VG record has surface noise, and some scratches may be audible, especially in soft passages and during a song’s intro and ending. But the noise will not overpower the music otherwise.

VG covers will have many signs of human handling. Ring wear in the middle or along the edges of the cover where the edge of a record would reside, is obvious, though not overwhelming. Some more creases might be visible. Seam splitting will be more obvious; it may appear on all three sides, though it won’t be obvious upon looking. Someone might have written or it or stamped a price tag on it, too.

Good (G),
Good Plus (G+)
or Very Good Minus (VG–)
Good does not mean bad! The record still plays through without skipping, so it can serve as filler until something better comes along. But it has significant surface noise and groove wear, and the label is worn, with significant ring wear, heavy writing, or obvious damage caused by someone trying to remove tape or stickers and failing miserably. A Good to VG– cover has ring wear to the point of distraction, has seam splits obvious on sight and may have even heavier writing, such as, for example, huge radio station letters written across the front to deter theft.

POOR (P)
and Fair (F)
Records are cracked, impossibly warped, or skip and/or repeat when an attempt is made to play them. Covers are so heavily damaged that you almost want to cry.