Courtesy of The Vermont Antiquarian Bookseller's Association:
AB Bookman's Weekly, which ceased publication in 1999, was for decades the Bible of the antiquarian book trade. Included in every issue AB Bookman's after 1949 was a set of criteria for grading the condition of used books. AB's definitions of "Very Fine" (or "As New"), "Fine", "Very Good, "Good", "Fair", and so forth have become pretty much the industy standard. One should keep these descriptions in mind when buying old books, or when bringing in books for appraisal or sale.
TERMS DESCRIBING BOOK CONDITION
VERY FINE or AS NEW (abbreviated "VF") ~ Very Fine means the book is in the same immaculate condition as when it emerged from the bindery. There are no defects or marks, and the dustjacket (if it was issued with one) must be perfect and without any tears. In short, it is a copy that is close to perfect in every respect. It should be noted that in the real world, Very Fine books are relatively uncommon, and that most Antiquarian Booksellers use Fine as their highest condition grading.
(The term "As New", when it is used, is really an informal grading category, as are the colloquial terms "Mint" and "Gift Quality".)
FINE (abbreviated "F") ~ Fine is marginally less than perfect, and may designate a book that is still new, or a book that has been carefully read. The use of the term Fine (as compared to Near Fine or Very Good) often depends on when the book was published. A recent book should have no notable defects at all. But the dustjacket of a Fine older book may have a small closed tear, or be a little rubbed, even a bit worn at the edges. Such defects, if present, must be minor and should always be noted.
(Note also that a book may be new and unread, but it may have aged on the shelf to the point of being considered Near Fine or even Very Good. Similarly a unique 200-year-old book might be viewed as "Fine", while a recent book in the exact same condition could only be described as "Very Good".)
NEAR FINE (abbreviated "NF") ~ Somewhere between Very Good and Fine. The distinction is usually in the eye of the bookseller and involves minor defects (which must be described). Near Fine is generally meant to inform the customer that the book's condition is excellent but "not quite Fine".
VERY GOOD (abbreviated "VG") ~ Very Good can describe a used book that shows shelfwear and visible signs of having been read. Its dustjacket may be rubbed, chipped, or even missing small pieces, but it should generally be clean and bright, depending on how old it is. The book should always be clean and tight, and the overall appearance should be of a desirable copy. A very old book may show some foxing. The description of a Very Good book ought to include all notable flaws.
GOOD (abbreviated "G") ~ Good describes the average used and worn book that has all pages or leaves present. A Good book may be cocked, have loose joints, and be missing a dustjacket. But it must be complete, clean, and worth keeping. Its value will be a fraction of a Fine copy, unless it is very scarce.
READING COPY ~ A Reading Copy is a book whose principle value is that the text is complete and legible, such that the book can still be read and enjoyed before it is thrown away. There are three descriptive categories that define the condition of Reading Copies -- Fair, Poor, and Ex-Library:
FAIR ~ Fair is a worn book that has complete text pages (including those with maps or plates) but may lack endpapers, half-title, etc. (which must be noted). The binding, spine, and dustjacket (if any) may also be worn or even torn & repaired. At this point internal marks may be acceptable, depending on their quantity and nature (pencil is more acceptable than ink or marker) and the scarcity of the book. Occasionally you will find a book that has marginal notations throughout, but the notations are by a famous person. In that case, the marks increase the value of the book.
POOR ~ Poor describes a book that is sufficiently worn that its only merit is as a Reading Copy because it does have the complete text, which must be legible. Any missing maps or plates should still be noted. This copy may be soiled, scuffed, stained or spotted and may have loose joints, hinges, pages, etc. If your Poor book is a common title, the best thing to do is throw it away and buy a better one.
EX-LIBRARY ~ Ex-library books are notable because they have been defaced by librarians, who love to despoil them with labels, rubber stamps, card pockets, and even inked numbers and shellac on the spine. Sometimes you will find the most beautiful new and unread nonfiction book discarded by a library because no one ever checked it out! The uncirculated copies, while attractive to scholars, generally don't have much value unless they are very scarce or were published in the 19th century and earlier.
