Mint: I seldom grade a record Mint. To be considered Mint it has likely never been played and with only hard to see scuffs from being removed from the sleeve a couple of times. Label looks perfect. Mint records more than thirty years old are extremely rare. When a record is truly Mint it deserves, and receives, a large premium over other grades.  
 
Near Mint: Usually the highest grade. Records from the 1950s & '60s in this condition are very rare. Vinyl looks almost new except for a feather scuff or two from being removed from its sleeve. Label should look nearly new. A record that has never been played or handled, and would normally be considered new, can still be Near Mint simply because it's been moved a few times, or has been stored for 50 years. Sometimes referred to as M-.      
 
VG++ (Very Good Plus Plus): Beautiful collectible condition. Only the slightest of wear, light scuffs, no deep scratches. Very collectible.

VG+ (Very Good Plus): Very nice condition and better than you would expect from a record that's been played several times. The owner took good care of it and stored it in a sleeve or record case. Some scuffs and/or scratches but sounds good and does not skip. A VG+ and VG++ record is still quite collectible and above the norm for its age. This could even be a Near Mint record with a slight warp.
 
VG (Very Good): In good condition for its age, but more wear than VG+. Probably not always kept in a sleeve. Still makes for good listening and still collectible. 
 
VG- (Very Good Minus): Generally not collectible condition unless it’s a very rare record. This is what you would expect of a record owned by a party-going teenager in the '50s and '60s. Probably hasn't seen a sleeve since the day it was purchased. Maybe kept in a record carrying case. No skips. Okay for listening, especially if you like scratches and pops, but most dealers avoid records in this shape or below.
 
G (Good): Lots of surface wear but still playable. The most confusing grade because "good" really does not mean good. It is actually in quite poor condition. Probably spent its life sleeveless and stacked with other records. May or may not skip. Not collectible. 
 
P (Poor): May be cracked and probably skips. Pretty much a wall hanger unless it's very rare. Also good for target practice and makes a great Frisbee.