This is the standard grading scale by Overstreet used by comic book collectors.
MINT (MT - 9.9-10.0): Near perfect in every way. Only the most subtle bindery or printing defects are allowed. Cover is flat with no surface wear. Cover inks are bright with high reflectivity and minimal fading. Corners are cut square and sharp. Stapes are generally centered and clean with no rust. Cover is generally well-centered and firmly secured to interior pages. Paper is supple and fresh. Spine is tight and flat.
VERY FINE (VF - 7.5-8.5): An excellent copy with outstanding eye appeal. Sharp, bright, and clean with supple pages. Cover is relatively flat with almost no surface wear. Cover inks are generally bright with moderate to high reflectibility. Staples may show some discolaration. Spine may have a couple of almost insignificant transverse stress lines and is almost completely flat. A barely unnoticeable 1/4" crease is acceptable, if color is not broken. Pages and covers can be yellowish/tannish at the very least, but not brown and preferable off-white to white.
FINE (FN - 5.5-6.5): An above-average copy that shows minor wear but is still relatively flat and clean with no significant creasing or other serious defects. Eye appeal is somewhat reduced because of slight surface wear and possibly a small defect such as a few slight cross stress marks on spine or very slight spine split (<1/4"). A FINE condition product appears to have been read a few times and has been handled with moderate care. Compared to a VF, cover inks are beginning to show a significant reduction in reflectivity, but is still a highly collectible and desirable product. Pages and interior covers may be tan, but pages must still be fairly supple with no signs of brittleness.
VERY GOOD (VG - 3.5-4.5): The average used comic book or magazine. A product in this grade shows some wear, can have a reading or center crease, or a moderately rolled spine, but has not accumulated enough total defects to reduce eye appeal to the point that it is not a desirable copy. Some discoloration, fading, and even minor soiling is allowed. As much as a 1/4" triangle can be missing out of the corner or edge. A missing square piece (1/8" x 1/8") is also acceptable. Store stamps, name stamps, arrival dates, initials, etc. have no effect on this grade. Cover and interior pages can have some minor tears and folds and the centerfold may be detached at one staple. The cover may also be loose, but not completely detached. Common bindery and printing defects do not affect grade. Pages and inside covers may be brown but not brittle. Tape should never be used for repair; however, many products in VG condition may have minor tape repair.
GOOD (GD - 1.8-2.5): A copy in this grade has all pages and covers, although there may be small pieces missing inside; the largest piece allows from front or back ocver is a 1/2" triangle or square 1/4" x 1/4". Products in this grade are commonly creased, scuffed, abraded, soiled, and may have as much as a 2" spine split, but are still completely readable. Often, paper quality is low but not brittle. Cover reflectivity is low, and in some cases, completely absent. This grade can have a moderate accumulation of defects, but still maintains its basic structural integrity.
FAIR (FR - 1.0): A copy int his grade is usually soiled, ragged, and possibly unattractive. Creases, tears, and/or folds are prevalent. Spine may be split up to two-thirds its entire length. Staples may be gone. Up to one-tenth of the front cover may be missing. These products are readable, although soiling, staining, tears, markings, or chunks missing may moderately interfere with reading the complete story/article. Some collectors consider this this lowest collectible grade because products in lesser conditions are usually defaced and/or brittle. Very often paper quality is low and may have slight brittleness around the edges, but not the central portions of the pages.