We use the standand collector's scale for our Condition Grading.
  Record Condition Jacket Condition
sealed Shrink wrap is still on the album. Shrink wrap is still on the jacket.
NM
Near Mint		 A nearly perfect record possibly played once. The vinyl should have no signs of wear. The cover will be free of creases, folds, marks, or seam splits. Any jacket that was perfect, except for a cut corner, saw cut, or holes on cover, is graded at next lowest level.

ie. A Perfect record with a hole in corner is listed at VG+.
VG+
Very Good Plus		 Vinyl surface may show slight signs of wear, such as slight scuffs or very light scratches, that do not affect the listening experience. The label may show some ring wear or light discoloration, but center hole will not be misshapen by repeated play.

Basically, a VG+ record, will be a record that was played and owned by a previous owner, who took good care of it.

 The outer sleeve may show some slight ring wear, lightly turned up corners, or a wear on seam/ ie. worn but not split open.
VG
Very Good		 Vinyl will have many of the same defects as a VG+, but damage will be more pronounced. Groove wear will be more noticable, and may affect the sound, but not overpower the music,

ie. light surface noise in quiet parts, such as intro & fade.

 Cover may be marred by writing, stickers, tape, small seam split or other types of gunk.
VG-
Very Good Minus		 Album will have many of the defects seen in a VG record, but they will be greater in number &/or more prononced.

Cover majorly marred by writing, stickers, tape, other types of gunk or a large seam splits.

(ie. corner to corner, may be taped up)
G or G+
Good		 A good record is playable. The surface noise is prominent, but record should play through without skipping.

Any record listed at a lower grade than this, will be a rare issue, and the condition will be explained in the extras column.

 The cover will be marred by many of the same defects as were listed in the higher grades, but the damage will overwhelm the look of the cover.

ie. covered with writing, large splits on more than one seam.