New: Mint condition or still sealed (SS). Absolutely perfect in every way. New.
Fine/Like New (EX): No defects, little sign of use, well cared for. Plays perfectly. Close to new. Not necessarily sealed or unused, but close. Could be an unopened promotional or cut item. Sometimes called: mint-minus.
Very Good (VG): Will show some signs that it was played and otherwise handled by a previous owner who took good care of it.
Good (G): Attractive and well cared for, but no longer fresh. Minor signs of wear, scuffing or scratching, but will play almost perfectly. For vinyl: barely detectable crackles or pops.
Fair (FR): This item is in okay condition. For vinyl: good is not so good and the record may have low level crackles or pops when playing. CD: one or more tracks may skip.
Poor (P): Obviously well-worn and handled. Most vinyl collectors will not buy good or below, but some tracks on CD or vinyl will play.