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M - reserved for sealed records.
NM Near Mint with no more than a couple insignificant defects.
EX Plays just a little short of NM
VG+ Used but not abused. Will have audible imperfections but no serious problems.
VG A well used record that still sounds OK but will have some pops &/or surface noise but nowhere near the volume of the music
VG- A very worn record that plays through without repeating or has a skip that loses more than a couple of notes/words.
It will have defects that will be noted.