Phillybusters (The Sound Of Philadelphia) (LP, Comp) -

Mint (M)
Vinyl / cassette
New , sealed

NM
Vinyl / cassette
Nearly perfect record , like new
 
VG+
Vinyl
Defects should be more of a cosmetic nature, not affecting the actual playback as a whole. Record surfaces may show some signs of wear and may have slight scuffs or very light scratches that don't affect one's listening experiences. Slight warps that do not affect the sound are "OK". The label may have some ring wear or discoloration, but it should be barely noticeable. Spindle marks may be present. Picture sleeves and inner sleeves will have some slight wear, slightly turned-up corners, or a slight seam split. An LP cover may have slight signs of wear, and may be marred by a cut-out hole, indentation, or cut corner. In general, if not for a couple of minor things wrong with it, this would be NM.  

Cassette
Sleeve has slight wear, marks, indentations, and/or may possibly have a cut-out hole (or similar). Tape has been taken very good care of and may have light marks or spindle wear. Should play cleanly with minimal noise or degradation.

 
VG
Vinyl
Many of the defects found in a VG+ record will be more pronounced in a VG disc. Surface noise will be evident upon playing, especially in soft passages and during a song's intro and fade, but will not overpower the music otherwise. Groove wear will start to be noticeable, as with light scratches (deep enough to feel with a fingernail) that will affect the sound. Labels may be marred by writing, or have tape or stickers (or their residue) attached. The same will be true of picture sleeves or LP covers. However, it will not have all of these problems at the same time. Goldmine price guides with more than one price will list Very Good as the lowest price.  

Cassette
Sleeve will contain more wear, marks, and/or indentations than a VG+. May have slight fading, a small tear/rip, or some writing. Shell may have heavier marks and wear than VG including plastic discoloration. Should play with some stronger hiss or degradation, but not enough to overpower music.

 
Good (G), Good Plus (G+)
Vinyl
A record in Good or Good Plus condition can be played through without skipping. But it will have significant surface noise, scratches, and visible groove wear. A cover or sleeve will have seam splits, especially at the bottom or on the spine. Tape, writing, ring wear, or other defects will be present. While the record will be playable without skipping, noticeable surface noise and "ticks" will almost certainly accompany the playback.  

Cassette
Sleeve will be well worn, marked, and contain obvious indentations, fading, and/or writing, more so than a VG grade - possibly a more significant tear/rip. Tape will have heavy wear on shell. Felt stopper may be missing. Tape may have minor creasing, but not broken. Must play through, may have heavier degradation that will overpower music.

 
Poor (P), Fair (F)
Vinyl
The record is cracked, badly warped, and won't play through without skipping or repeating. The picture sleeve is water damaged, split on all three seams and heavily marred by wear and writing. The LP cover barely keeps the LP inside it. Inner sleeves are fully split, crinkled, and written upon.  
Cassette
Sleeve will be torn, heavily stained, showing general heavy damage, or will be partially missing. Likewise, tape will be heavily damaged, showing complete fading on the face, crinkled tape, missing screws or teeth, staining, and other heavy wear. Cassette will more than likely not play through.  

Standard Jewel Cases: Standard Jewel Cases are not graded as they are replaceable.

Generic
The term "generic" refers to a type of sleeve that is not specific to the release. A generic sleeve is either a plain sleeve or a company sleeve with standard company artwork. A sleeve that is graded as "generic" needs no further grading, as a generic sleeve generally adds little value to the item and can be easily replaced.