Grading

Vinyl:
NM (Near Mint): Like new; clean and shiny with no marks
EX (Excellent): Close to near mint; only a few minor imperfections
VG+ (Very Good Plus): Light marks but nothing that can be felt with a fingernail, vinyl retains strong luster (visual grade); no repetitive, obtrusive pops or ticks, no audible distortion from groove wear (play grade)
VG (Very Good): Significant scuffing, marks, and/or scratches, vinyl surface may have lost some of its original luster (visual grade); repetitive pops and ticks may be heard in some passages, an amount of audible groove wear is possible, pressing defects that create some amount of noise are possible, no skips (play grade)
VG- (Very Good Minus): Heavy scuffing, marks, and/or scratches likely to cause significant surface noise and/or audible groove wear
G (Good): Plays without skipping but not likely to be an enjoyable listening experience for serious collectors
F (Fair): Skips but playback could be acceptable in many if not most spots
P (Poor): Unlistenable by all accounts

Jacket:
NM: Like new; no creases, ring wear or seam splits
EX: Close to near mint; only a few minor imperfections
VG+: Has one more more of the following: light crease, light ring wear, light wear at the corners, small seam split
VG: Has one or more of the following: multiple creases, multiple seam splits, moderate ring wear, moderate wear at the corners
VG-: Low end of the VG spectrum
P (Poor): Unpresentable with major issues