When we are buying and selling Vinyl Records we use the following Record Grading guide:
Mint (M) Absolutely perfect in every way. Certainly never been played, possibly even still sealed.
Near Mint (NM) A nearly perfect record. The record should show no obvious signs of wear.
The sleeve should have no more than the most minor defects such as almost invisible ring wear or other signs of slight handling, no creases, folds, seam splits or other noticeable defects. Any other inserts, posters, lyric sheets should also be in the same condition.
Excellent (EX) An excellent record will show some signs that it was played but has been carefully handled by a previous owner who took good care of it.
Record surfaces may show some signs of wear and may have very light visible hairline marks.
Packaging will have only light signs of handling / storage ware.
The sound will be clear with no distortion, the odd feint pip hear and there is acceptable.
Very Good (VG) A record graded as Very good is likely to present audible surface noise when playing, especially in quieter parts of the songs.
Some vinyl wear will start to be noticeable, light scratches that will affect the sound with clicks or pops audible. Labels may have a name written on it. Picture sleeves or LP covers will have have visible creases, edges rubbed but still be in decent shape.
On the whole We only tend to deal in Record in the above conditions, Records in lesser condition would only be of interest to us if they are very Rare: