MINT
Never been played, possibly even still sealed
Near Mint (NM)
A nearly perfect record. A NM or M- record has more than likely never been played, and the vinyl will play perfectly, with no imperfections during playback. Many dealers won't give a grade higher than this implying (perhaps correctly) that no record is ever truly perfect. The record should show no obvious signs of wear. An LP cover should have no creases, folds, seam splits, cut-out holes, or other noticeable similar defects.
Very Good Plus (VG+)
A Very Good Plus record will show some signs that it was played and otherwise handled by a previous owner who took good care of it. Defects should be more of a cosmetic nature, not affecting the actual playback as a whole. Record surfaces may show some signs of wear and may have slight scuffs or very light scratches that don't affect one's listening experiences. Slight warps that do not affect the sound are "OK". The label may have some ring wear or discoloration, but it should be barely noticeable. Spindle marks may be present. An LP cover may have slight signs of wear, and may be marred by a cut-out hole, indentation, or cut corner.
Very Good (VG)
Many of the defects found in a VG+ record will be more pronounced in a VG disc. 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, 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.
Good(G)/Fair(F)
A record in Good or Fair condition is playable but 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, noticeable surface noise and "ticks" will almost certainly accompany the playback. Skipping and groove lock is possible. Fair records will have a few more issues than Good, but will still be in playable condition.
Poor (P) Vinyl
The record is cracked, badly warped, and won't play through without skipping or repeating. The picture sleeve is water damaged, split on all three seams and heavily marred by wear and writing. The LP cover barely keeps the LP inside it.