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Well, I have to admit that I am rather new to the vinyl scene. In fact, I still am working on a turntable setup.
I have been purchasing records as I prepare for the time when I will have a TT system setup. I find that very few people in the real world adhere to this grading standard. I am constantly finding that people make up their own grading system. In fact, may people claim to use Goldmine grading standards as marketing to ease your fears of buying. Goldmine is just as subjective and flawed as any other grading system.
My advide - ask for specifics and descriptions of the LP condition if you are unsure about something. Ultimately, Its buyer beware when it comes to used LP's.
Like everything else, it's best to have experience with the seller. I know venders that grade VG and ship vinyl that is indistinguishable from new. Their idea of Mint means unopened or unplayed.
Others rate Mint and ship vinyl that is good, but far from perfect. To make matters worse, it is difficult to know how good the LP was when brand new. I have purchased newly released pressing that were very noisy, turned around and bought a old LP for .50 cents at a used book store that was dead quiet.
You will make mistakes, make bad purchases and get some great bargains. You will gain experience as you go. About the same as choosing a restaurant based on the local paper, or trying to get perfect CD's every time.
I buy used vinyl on ebay all the time: only when they say 'M' or 'M-' is it usually acceptable to me.. vg++ ect. means you're buying crap with alot of surface noise..I've given up trying to buy used U.K. pressings from the U.K. dealers because they will say 'condition is excellent' but when I get it, clean it, play it, it sounds like some teenager grinded the grooves with a cheap shure on a belt drive Garrard or something worse.. so beware.