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.
Very Good Plus (VG+) (album)
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. The center hole will not have been misshapen by repeated play.
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".
Very Good Plus (VG+) (cover)
The label may have some ring wear or discoloration, but it should be barely noticeable. Picture sleeves and LP inner sleeves will have some slight wear, lightly turned up corners. An LP cover may have slight signs of wear also and may be marred by a cut-out hole. In general, if not for a couple things wrong with it, this would be Near Mint.
Very Good (VG) (album)
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.
Very Good (VG) (cover)
Labels may be marred by writing, or have tape or stickers (or their residue) attached, or a slight seam split . 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) (album)
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).
Good (G) (cover)
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.
Poor (P), Fair (F) (album)
The record is cracked, badly warped, and won't play through without skipping or repeating.
Poor (P), Fair (F) (cover)
The picture sleeve is water damaged, split on all three seams and heavily marred by wear and writing. The LP cover barely keeps the LP inside it. Inner sleeves are fully seam split, crinkled, torn, and written upon.
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