VINYL = VG+
JACKET = VG+
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Near Mint (NM or M-) A nearly perfect record. Many dealers won't give a grade higher than this implying (perhaps correctly)that no record is ever truly perfect.
The record should show no obvious signs of wear.
An LP cover should have no creases, folds, seam splits or other noticeable similar defects. No cut-out holes, either. And of course, the same should be true of any other inserts, such as posters, lyric sleeves and the like.
Basically, an LP in near mint condition looks as if you just got it home from a new record store and removed the shrink wrap.
Excellent graded vinyl is just above an average graded vinyl you may find in many stores. These Excellent vinyl records may have had a play or two but without damaging the vinyl.
The cover, sleeve and everything else will also be in top notch condition although it may have slight bends or folds.
Very Good Plus (VG+) Generally worth 50 percent of the Near Mint value.
A Very Good Plus record will show some signs that it was played and otherwise handled by a previous owner who took good care of it.
Record surfaces may show some signs of wear and may have slight scuffs or very light scratches that don't affect one's listening experiences. Slight warps that do not affect the sound are "OK".
The label may have some ring wear or discoloration, but it should be barely noticeable. The center hole will not have been misshapen by repeated play.
Picture sleeves and LP inner sleeves will have some slight wear, lightly turned up corners, or a slight seam split. An LP cover may have slight signs of wear also and may be marred by a cut-out hole, indentation or corner indicating it was taken out of print and sold at a discount.
In general, if not for a couple things wrong with it, this would be Near Mint. All but the most mint-crazy collectors will find a Very Good Plus record highly acceptable.
Very Good (VG) Generally worth 25 percent of Near Mint value. Many of the defects found in a VG+ record will be more pronounced in a VG disc. Surface noise will be evident upon playing, especially in soft passages and during a song's intro and fade, but will not overpower the music otherwise. Groove wear will start to be noticeable, as with light scratches (deep enough to feel with a fingernail) that will affect the sound.
Labels may be marred by writing, or have tape or stickers (or their residue) attached. The same will be true of picture sleeves or LP covers. However, it will not have all of these problems at the same time, only two or three of them.
Good (G), Good Plus (G+) Generally worth 10-15 percent of the Near Mint value. Good does not mean Bad! A record in Good or Good Plus condition can be put onto a turntable and will play through without skipping. But it will have significant surface noise and scratches and visible groove wear (on a styrene record, the groove will be starting to turn white).
A cover or sleeve will have seam splits, especially at the bottom or on the spine. Tape, writing, ring wear or other defects will start to overwhelm the object.