Serious Music Centre - Vinyl Grading System 

Mint (M) - Nearly perfect in every way. As close to perfect as can be, and usually sealed.

Near Mint (NM) - The record has been on a shelf between other records. The vinyl looks glossy and clearly has only been played a few times. There are no marks on the vinyl.

Very Good (VG) - It's seen a bit of life, but is still very usable. You can still listen to it and enjoy looking at it, but it is visually and audibly used.

Good (G) - Generally Playable. Light pops and clicks and light visible scratches. The cover may show signs of wear and tear.

Fair (F) - Light to moderate scratches. Not all tracks may be playable and some tracks may skip. Cover shows signs of wear.

Poor (P) - Expect major noise issues, skipping or repeating. The record itself may be badly warped or has deep scratches. The cover may be in poor condition.