Grades assigned to 78's shouldn't be confusing, but some confusion exists. The Goldmine Magazine grading system is commonly used for LPs and 45's, but the Vintage Jazz Mart Magazine (VJM) grading system is commonly used for 78's. Buyers accustomed to VJM grading might mistakenly interpret Goldmine grades for 78s in an unfairly negative way. VJM grades tend to give a more positive impression than corresponding Goldmine grades.
I make use of both grading systems. The reason I use both systems is because Ebay only allows Goldmine grading values for "item specifics". Since many 78 buyers expect VJM grades, I have started to include a VJM grade in comments along with the corresponding Goldmine grade in the Ebay item specifics.
I always add descriptive comments that hopefully make the condition more clear. COMMENTS IN THE DESCRIPTION ARE A PART OF THE GRADE. Buyers should be able to make informed decisions based on the letter grade, comments, photos and sound samples (if provided).
THE GRADE LISTED IN THE "ITEM SPECIFICS" SECTION IS THE GOLDMINE/EBAY GRADE. THE VJM GRADE IS SHOWN IN DESCRIPTION AND CONDITION NOTES ONLY.
Record grading is heavily reliant on physical appearance, but also takes the sound of the record into consideration. That is why I play-test all 78s before assigning a final grade. The play-test can slightly raise or lower the grade derived by visual inspection. For instance, a record might look E- but sound E+ and end up graded E. Some level of general background record surface noise is expected with 78s even when surfaces look really good. General background record surface noise only lowers a grade if it seems excessive for the visual condition. I always comment on the level of background surface noise heard during my play tests. Record label condition is also noted and can, but doesn't necessarily, affect grade.
The VJM record grading System vs. The Goldmine record grading system (My interpretation / adaptation of guidelines found at the VJM Vintage Jazz Mart and Goldmine web sites. The attempt at mapping VJM grades to Goldmine grades is my own and is probably not perfect.)
N (VJM) vs. M (Goldmine). New and unplayed (rarely used since it is next to impossible to assert "unplayed" for unsealed records).
N- (VJM) vs. NM or M- (Goldmine). Looks very close to perfect, but may have been played. Signs of wear or damage are negligible. Any extremely small imperfections should be noted.
E+ (VJM) vs. EX (Goldmine). Plays almost like a new record, with only light signs of handling and light wear. There may be very light, superficial scuffs / marks.
E (VJM) vs. VG+ (Goldmine). Glossy with mostly insignificant signs of wear like light surface scuffs or small blemishes whose effect on play is minimal. Small blemishes, such as a tiny shellac pimple, that might be heard for 2 or 3 revolutions could exist but will be noted.
E- (VJM) vs. VG (Goldmine). Retains some shine but may have a more significant covering of light surface scuffs and a few light scratches. Record surface noise is more noticeable but the record plays fine and the music can be enjoyed.
V+ (VJM) vs. VG- (Goldmine). V+ is your average condition 78 that led a sleeveless life. Scuffs, light scratches and general use has dulled the finish somewhat. Wear is moderate to mildly heavy, but playing is generally free from distortion. Surface noise is heard but the music is not buried by it. Still, no skips or repeats during play.
V (VJM) vs. G+ (Goldmine). Moderately heavy wear, but still very playable. Surface noise and scratches are more audible but not overly intrusive.
V- (VJM) vs. G (Goldmine). Quite playable still, but distortion and heavy greying may be evident especially in louder passages. Surface noise and scratches may be quite loud, competing with the music for attention, but the music can still be heard well enough to be enjoyed. The listener may be required to tolerate heavier surface noise.
G+, G-, G (VJM) vs. G- (Goldmine). Different degrees of a grade for records with thoroughly dulled surfaces and probably lots of scuffs and scratches. Can still be played without skips or sticks. The music might be nearly buried in surface noise but can certainly be heard.
Grades of F and P are reserved for records that are in very, very bad shape that play with more serious issues. I will almost never bother to offer records with F or P grades for sale. With rare exceptions, nobody wants them.