In used condition. In a few places the binder has been folded and there are marks in the cardboard under the plastic (see photos 4-6). One edge of binder is slightly curved. There are marks in plastic from use. Small smudge/spot on panda's back. Inside white mesh lining has some discoloration along bottom, and there is a small black mark on bottom right of inside sections. Rings open and shut without problems. See photos for details.