My universal grading code (for all vinyl & shellac that I sell):
Mint: Virtually new, looks unplayed or barely handled w/no visible defects or wear. Clean & optimal. Perfect for audiophiles.
Near Mint: Almost negligible defects such as extremely light scuffing &/or streaking; otherwise clean & optimal.
Very Good: Normal wear & tear such as light scuffing; probable surface noise; otherwise optimal.
Good: Obvious scuffing, streaking, &/or surface noise, but acceptable.
Fair: Considerable defects (scuffing, scratching etc.) but passably playable depending on your tolerance level. Not for audiophiles.
Poor: Fraught with defects (scuffing, scratching) but playable in special circumstances &/or use as object d’art, historical display value, etc.