My item grading scale based off a simplified Toy Grading Scale:
Mint - it doesn't get any better than this
Mint to Near Mint - it's in the top percentage of pieces out there, might have 1 or 2 tiny flaws
Very Fine to Excellent - it's still a nice piece but has signs of wear, above average in condition
Fine to Great - average condition item, most certainly light to medium signs of wear
Good to Very Good - below average in condition, but still in collectible condition, medium signs of wear, could be damaged, broken or missing parts
Fair - heavy signs of wear, likely to have broken, damaged parts or missing parts
Poor - most likely completely damaged, is missing many parts, in most cases worth very little to the collector