We use VJM Grading for Classifying the Condition of Our Records:

N (78). As new and unplayed (There are almost no 78s that can categorically be claimed to be unplayed).

N- (78). Nearly Mint, but has been played. No visible signs of wear or damage.

E+ (78). Plays like new, with very, very few signs of handling, such as tiny scuffs from being slipped in and out of jackets.

E  (78). Still very shiny, near new looking, with no visible signs of wear, but a few inaudible scuffs and scratches.

E- (78). Still shiny but without the lustre of a new record, few light scratches.  

V+ (78). V+ is an average condition 78 in which scuffs and general use has dulled the finish somewhat. Wear is moderate but playing is generally free from distortion. Surface noise not overly pronounced.
V (78). Moderate, even wear throughout, but still very playable. Surface noise and scratches audible but not intrusive.

V- (78). Quite playable still, but distortion and heavy greying in loud passages. Music remains loud in most passages. Surface noise and scratches well below music level.
G+ (78). Grey throughout but still serviceable. Music begins to sound muffled. Heavy scratches.

G (78). Quite seriously worn and scratched, but music level is still higher than surface noise.

G- (78). Music still prominent, but wear and scratch damage extensive.

F (78). Most of music remains audible over surface noise, but listening now uncomfortable.

P (78). Unplayable.