Most of the following descriptions are based on the Vintage Jazz Mart grading codes.
N (new) or M (mint): New and unplayed. NM or N- (near mint): Nearly same as M but played a few times. or showing minimal storage wear.
E+: plays almost like new, with very few signs of handling, such as tiny scuffs from being slipped in and out of jackets.
 E (excellent): Still very shiny, near new looking with few or no visible signs of groove wear but may have a few inaudible scuffs.
 E-: still shiny, but without the luster of a new record. Very little wear, plays distortion-free. May have a few minor scuffs.
 V+ or VG+: An "average" looking 78 in which scuffs and general use has dulled finish somewhat. Wear is moderate but playing is generally free of distortion. Surface noise still not pronounced.
 V or VG (very good): Moderate, even wear throughout but still very playable. Surface noise and scratches audible but not too intrusive. 
V- or VG- = quite playable; may have some distortion in louder passages but music remains loud in most places. Surface noise from wear and scratches are below music level. 
G+: gray throughout or quite scuffed but still serviceable. Music begins to sound muffled.
 G (good): quite worn/damaged, but surface noise still below music level. Listenable. 
G-: Music muffled from wear but still exceeds surface noise. 
F+: Music remains audible over surface noise but listening uncomfortable. 
F (fair): Surface noise is as loud as the music.
P (poor): unplayable.
 
 [+ and - denote in-between grades. Grades with a slash in between indicate the condition of Side A/Side B.]

Note: Some 78s look mint or near mint and may be graded so, but may play with some surface noise due to poor quality pressing material.