VERY GOOD (VG)
VG records have more obvious flaws than their counterparts in better
shape. They lack most of the original gloss found on factory-fresh
records. May have visible groove-wear/marks or feelable scratches. When played, a VG record has surface
noise, and some scratches may be audible. The music can still be enjoyed, but upon listening, the surface noise is evident, and can occasionally be distracting. Records will not skip, or jump in the groove.
VG covers will have signs of human handling. Ring wear in the middle or along the edges of the cover where the edge of a record would reside, is obvious, though not overwhelming. Some more creases might be visible. Seam splitting will be more obvious; it may appear on all three sides, though it won't be obvious upon looking. Someone might have written or it or stamped a price tag on it, too.
VG-
More noticeable wear/damage/mishandling than VG. Record and cover begin to look abused. Records play through with no skips, but surface noise is a distraction.
Good (G)
This grade should be reserved for rare, collectible, hard to find records and sold as filler copies. They may skip, and will have distracting noise. Covers have heavy wear, but remain intact.
POOR (P)
and Fair (F)
Less than a (G) record. Essentially the record and cover is intact enough to resemble a copy of the title, but may not be anything that can be enjoyed/listened to. Covers can be missing parts, records with cracks etc.