Our Vinyl Grading System:

Mint (M)
Item is like new,  perfect. Basically looks like untouched and unplayed by anyone.

Very Good + (VG+) (Ex)
Record looks like it has been played, but sounds near perfect. Minor very thin surface marks (hairlines). Cover has minor wear, but nothing serious.

Very Good (VG)
Record has obviously been played a lot. Disc has surface marks, but not as serious as to make it skip. Cover has had some use, it is white round the edges, but no major faults.

Good (G)
Record has been played so much it sounds quite like a fryed christmas tree and has lots of scratches. Cover is seriously worn and might have some faults like tearing etc. (we usually throw that kind of records away unless they are rare!!!)