The VJM Record Grading System For 78 RPM:

N As new and unplayed (there are virtually no 78s that can categorically be claimed to be unplayed).

N- Nearly Mint, but has been played. No visible signs of wear or damage.

E+ Plays like new, with very, very few signs of handling, such as tiny scuffs from being slipped in and out of jackets.

E  Still very shiny, near new looking, with no visible signs of wear, but a few inaudible scuffs and scratches.

E- Still shiny but without the luster of a new record, few light scratches.

V+ is an average condition 78 in which scuffs and general use has dulled the finish somewhat. 

Wear is moderate but playing is generally free from distortion. Surface noise not overly pronounced.

V Moderate, even wear throughout, but still very playable. Surface noise and scratches audible but not intrusive.

V- Quite playable still, but distortion and heavy graying in loud passages. Music remains loud in most passages. 

Surface noise and scratches well below music level.

G+ Gray throughout but still serviceable. Music begins to sound muffled. Heavy scratches.

G Quite seriously worn and scratched, but music level is still higher than surface noise.

G- Music still prominent, but wear and scratch damage extensive.

F Most of music remains audible over surface noise, but listening now uncomfortable.

P Unplayable.