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If you are buying, selling or collecting books, condition is everything. A book in poor condition just isn't worth bothering with unless it is very rare, or unless you simply want to read it. A battered first edition of Gone With The Wind without it's dust jacket is worthless. On the other hand, if you ever find a Gutenberg Bible (good luck) with some of its pages missing, it will still be extremely valuable.
How do you rate the condition of a used book? For the most part this is not a matter of opinion. There are industry standards. Groups like the ABAA (Antiquarian Booksellers Association of America) and IOBA (Independent Online Booksellers Association) have promulgated standards and definitions of condition that should rarely be deviated from.
Here are the six grading conditions you can use to describe used books. If you have just begun collecting books, they can help you understand the descriptions you might come across on a bookseller's website or in his catalog:
AS NEW (Booksellers do not use the term mint condition.): Without faults or defects. It is virtually impossible to tell this book from a brand new book.
FINE: A book with very minor, almost imperceptible flaws.
VERY GOOD: A book showing some signs of wear. Any defects or faults must be noted.
GOOD: The average used book that is totally complete. Defects must be noted.
FAIR: A worn book that has complete text pages, including those with maps and/or illustrations. A fair book may lack endpapers, the title page or half-title page. Any defects or faults must be noted.
POOR or READING COPY: A book that so worn that its only merit is the complete text, which must be legible. Any missing maps or illustrations must be noted. May be soiled, scuffed, stained, or spotted, and may have loose joints, hinges, pages, etc.
Regardless of the book's condition, all flaws must be noted because they lower its value. Flaws include missing pages, including end pages and title pages; and any markings, including underlining, highlighting, marginal notes, remainder marks and former owner's names. Flaws also include mildew, stains, odors, bookplates, missing illustrations, torn pages, cracked or broken hinges, soil, scuffing, and spots. In short, a flaw is anything in or on the book that wasn't there when the book was first sold. It is also anything that was there but is now missing.
Furthermore, if a book is ex-library, a discarded library book with library markings on it, it must be designated as such regardless of the condition
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