M- Mint Minus / A near perfect example, maybe an unplayed copy.

VG+ Very Good Plus / Close to like new with only superficial signs of use that don't affect play. Only well cared for records will grade out to VG+.

VG Very Good / A used, reasonable copy. There will be obvious signs of wear and the possibility of light surface noise between tracks or during quiet passages, but still quite nice.

VG- Very Good Minus / Significant wear and marks and usually quite noticeable surface noise.

G+ Good Plus / In the record world=well worn copy, From here on down (Fair, Poor), we're talking about beat-up records.