I like how Elderly rates their vintage guitars and basses:
MC Mint Condition : when we say mint, we mean mint. No wear, like new out of the box.
EC Excellent Condition : Very clean, might have some minor wear, dings, scratches, or finish cracks, but otherwise very close to new condition.
VGC Very Good Condition : Basically clean, might have some deeper scratches, pick wear or missing finish. Nothing real serious, no cracks, unless otherwise stated.
GC Good Condition : Solid playing condition, may have one or more repaired cracks or other cosmetic flaws.
FC Fair Condition and PC = Poor Condition : Indicate that the instrument may have some problems, usually described.
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