Media Grading: VG+ Sleeve Grading VG+
Very good copy of this RARE album!!  Atlantic 2401 002 original FIRST PRESS A5/B5 matrix, Peter Grant is credited as Executive Producer on both labels. It is housed in a laminated gatefold sleeve with original inner sleeve.  The wheel is missing. 
Notes Released on the Atlantic "red/maroon" label, in a fully laminated gatefold sleeve.

1st Cat on labels , 2nd Cat on sleeve

Specific to the first pressing ;
(1) 2401002 (on labels)
(2) Produced by Jimmy Page , Executive Producer : Peter Grant (credited on top half of labels)
(3) Warner Bros. Music Ltd.
(4) Matrix numbers end with A5 and B5.

Various matrix number combinations from A6/A7 to B5/B6/B7 may exist with the above described first generation of label. They are transitional copies from the first pressing to the second pressing (the ones without Peter Grant credits), and they are later copies.

Under License from Atlantic Recording Corp., U.S.A.
Manufactured for Polydor Records Ltd., London
Printed and made by the E. J. Day Group London and Bedford.

Directly after the Peter Grant credit was removed another label was released with a track error
the track 'celebration day' was incorrectly typed 'celebration' and was immediately changed to the latter label variarion
℗ 1970

(Later subsequent pressings released on the Red/maroon labels do not have the Executive Producer Peter Grant credits on the label, the label Cat# appears as 2401-002 and the publisher credits appear only as Warner Bros. Music)
 ‎– Led Zeppelin III Label:  ‎– 2401002,  ‎– 2401 002 Format: Vinyl, LP, Album, Gatefold, First Pressing
Country: UK Released: 05 Oct 1970 Genre: Rock Style: Classic Rock, Hard Rock Tracklist A1Immigrant Song Written-By – *, * 2:26A2Friends Written-By – *, * 3:55A3Celebration Day Written-By – *, *, * 3:29A4Since I've Been Loving You Written-By – *, *, * 7:25A5Out On The Tiles Written-By – *, *, * 4:04B1Gallows Pole Arranged By – *, *Written-By – * 4:58B2Tangerine Written-By – * 3:12B3That's The Way Written-By – *, * 5:38B4Bron-Y-Aur Stomp Written-By – *, *, * 4:20B5Hats Off To (Roy) Harper Arranged By – Written-By – * 3:41 Companies, etc. Licensed From –  Published By –  Manufactured By –  Printed By –  Made By –  Credits Design Concept [Visual Creations] –  Engineer [Ardent Studios, Memphis, Tennessee] –  Engineer [London] – * Executive-Producer –  Producer – 
Barcode and Other Identifiers Matrix / Runout (Variant 1 - Runout side A): 127 Do what thou wilt 2401002 A-5 Matrix / Runout (Variant 1 - Runout side B): 122 So mote it be 2401002 B-5 Matrix / Runout (Variant 2 - Runout side A, stamped/etched): 1 1 7 / Do what thou wilt 2401002 A-5 Matrix / Runout (Variant 2 - Runout side B, stamped/etched): 1 1 1 / So mote it be 2401002 B-5 Matrix / Runout (Variant 3 - Runout side A, stamped/etched): 1 1 8 / Do what thou wilt 2401002 A-5 Gp↙ Matrix / Runout (Variant 3 - Runout side B, stamped/etched): 1 1 7 / So mote it be 2401002 B-5 G4C Matrix / Runout (Variant 4 - Runout side A, stamped/etched): 11 1 / Do what thou wilt 2401002 A 6 Matrix / Runout (Variant 4 - Runout side B, stamped/etched): 11 11 / So mote it be 2401002 B-5 Matrix / Runout (Variant 5 - Runout side A, stamped/etched): 11 4 / Do what thou wilt 2401002 A 7 OP↙ Matrix / Runout (Variant 5 - Runout side B, stamped/etched): 11 / So mote it be 2401002 B-5 21 G4C Matrix / Runout (Variant 6 - Runout side A, stamped/etched): 1 4 3 / Do what thou will 2401002 A-5 Gp↙ Matrix / Runout (Variant 6 - Runout side B, stamped/etched): 11 / So mote it be 2401002 B-5 G4C Matrix / Runout (Variant 7 - Runout side A, stamped/etched): 144 / Do what thou will 2401002 A-5 Gp↙ Matrix / Runout (Variant 7 - Runout side B, stamped/etched): 128 / So mote it be 2401002 B-5 G4C Matrix / Runout (Variant 8 - Runout side A, stamped inverted/etched): 11 4 / Do what thou wilt 2401002 A-5 GHC Matrix / Runout (Variant 8 - Runout side B, stamped inverted/etched): 11 5 So mote it be 2401002 B-5 GHC Matrix / Runout (Variant 9 - Runout side A, stamped, 4 inverted/etched): 15 4 / Do what thou wilt Gp↙ 2401002 A-5 Matrix / Runout (Variant 9 - Runout side B, stamped/etched): 13 12 / So mote it be Gp↙ 2401002 B-5 Matrix / Runout (Varinat 10 - Runout side A, stamped/etched): 11 7 / Do what thou will 2401002 A-7 Gp↙ Matrix / Runout (Varinat 10 - Runout side B, stamped/etched): 12 14 / So mote it be 2401002 B-5 GHC

The Goldmine Standard for grading is used for my vinyl listings:

 

Mint (M)

 

The sleeve and cover are absolutely perfect in every way. To qualify as Mint, the record must never have been played and is possibly still sealed. Mint should be used sparingly as a grade, if at all. Note that a record can be sealed and not Mint. There could be sleeve discoloration, ring wear, or vinyl warp if guidelines on  were not followed. If you suspect your record is in Mint condition, do not play it.

Near Mint (NM or M-)

 

A nearly perfect record. A Near Mint (NM) record has more than likely never been played. The vinyl will play perfectly, with no imperfections during playback. The record should show no obvious signs of wear. The sleeve of a 45 of EP should have no more than the most minor defects, such as any sign of slight handling. The LP cover should have no creases, folds, seam-splits, cut-out holes, or other noticeable similar defects. The same should be true of any other inserts, such as posters, lyric sleeves, etc. Many dealers won’t give a grade higher than NM, implying (perhaps correctly) that no record is ever truly perfect.

Very Good Plus (VG+)

 

A Very Good Plus (VG+) record will show some signs that it was played and handled by a previous owner who took good care of it. Any defects are of a cosmetic nature and do not affect the actual playback. In theory, a VG+ record should sound the same as a Near Mint (NM) one. Vinyl surfaces may show some signs of wear, such as slight scuffs or very light scratches. Slight warps that do not affect the sound are okay. The label may have some ring wear or discoloration, but it should be barely noticeable. Spindle marks may be present. Picture sleeves and inner sleeves will have some wear, slightly turned-up corners, or a small seam-split. An LP cover may have sparse signs of wear and may be marred by a cut-out hole, indentation, or cut corner. In general, it plays perfectly, and if not for some minor aesthetic wear, it would be Near Mint.

Very Good (VG)

 

The defects found in a Very Good Plus (VG+) record will be more pronounced in a Very Good (VG) item. Surface noise will be evident upon playing, especially in soft passages and during a song’s intro and fade, but will not overpower the music otherwise. Groove wear will start to be noticeable, such as with light scratches (deep enough to feel with a fingernail) that will affect the sound. Labels may be marred by writing, or have tape or stickers (or their residue) attached. The same will be true of picture sleeves or LP covers. However, a VG item will not have all of these problems at the same time.

Good, Good Plus (G, G+)

 

A record in Good (G) or Good Plus (G+) condition can be played through without skipping, but it will have significant surface noise, scratches, and visible groove wear. A cover or sleeve will have seam-splits, especially at the bottom or on the spine. Tape, writing, ring wear, or other defects will be present. While the record will be playable without skipping, noticeable surface noise and “ticks” will almost certainly accompany the playback.

Poor, Fair (P, F)

 

The record is cracked, badly warped, and won’t play through without skipping or repeating. The picture sleeve could be water damaged, split on more than one seam, and heavily marred by wear or writing. The LP cover barely keeps the LP inside it. Inner sleeves are fully split, crinkled, and written upon. Poor (P) or Fair (F) records are generally worth very little, at most 5% of the Near Mint (NM) price.