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Grading Scale
M (MINT) - I will only consider something MINT if it is sealed and unmarked/untouched.
Vinyl = No flaws, defects, marks or other indications of being handled or played.
Cover = Perfect cover; NO dings, marks, tears, dents, bends, creases or other flaws.

NM (NEAR MINT)
Vinyl = Almost flawless. Virtually no scuffs visible, certainly no scratches.
Cover = Cover should have little to no flaws.

EX (Excellent)
Vinyl = May have a couple tiny paper scuffs and/or a couple of light scratches, but nothing that would interfere with play or the sound quality.
Cover = Cover may have very minimal wear overall, any wear is slight and hardly noticeable. 

VG+ (VERY GOOD PLUS)
Vinyl = Some visible surface wear (scuffs and/or scratches that CANNOT be felt), which may have VERY MINIMAL impact on the sound quality.
Cover = Cover will show some wear and may have a bend and/or creases. There may be some ring wear and/or edge wear, but it doesn't overpower the artwork. No split seams/tape or records poking through the spine. 

VG (VERY GOOD)
Vinyl = Scuffs and/or scratches will be more noticeable than a VG+ record and there may be one or two small scratches that can be felt.
Surface noise should only occur occasionally (mostly between tracks, during quiet passages and where a small, felt scratch may exist).
Cover = Will have some of the same wear listed for a VG+ cover but more pronounced, with more noticeable ring wear and/or edge wear. May include name written somewhere, minor water mark, larger bends and/or creases and possibly a seam split.

G+ (GOOD PLUS)
Vinyl = Extensively played vinyl with some scratches that may be felt, probably causing SOME surface noise (hisses, pops, crackles). 
Cover = Generally worn overall and will have several of the following flaws: full seam splits, writing, significant ring wear and/or edge wear, damaged corners, tears, cuts, scuffs, seam repairs, heavy water damage, or other flaws.

 G (GOOD)
Vinyl = More pronounced that G+, Extensively played vinyl with some large scratches that can be felt, causing distracting surface noise (hisses, pops, crackles).
Cover = Generally worn overall and will have several of the following flaws: full seam splits, writing, significant ring wear and/or edge wear, damaged corners, tears, cuts, scuffs, seam repairs, heavy water damage, or other flaws.

P (POOR)
Vinyl = There will be major noise and possibly skips from extensive scratches that can be felt.
Cover = extensive water damage, split on 2 or more sides completely, illegible spine, etc. Poor means poor...