How do you know when an LP is a first or early pressing?


Being relatively new to analog, there has been a steep learning curve.
The latest important bit of knowledge has pointed me to the codes stamped in the runout groves, the labels and the sale listings. The questions are how to read the codes, and what to look for on the label and on the sale listings? For instance, a friend guided to to the “pink label” British Island Records pressings. Believe these are all first pressings and the original British. I bought a couple including Emerson, Lake and Palmer’s first album. A pretty good used one cost me $25 which I understand is a good price. I would like to find and buy more of these early, or first, pressings. I understand their sound quality is normally, or frequently, excellent.
mglik
Discogs usually has all the info you need. The real fun starts when your buying records that Discogs doesn’t know about (yet)!
Mglik, I think that you are correct to be wary of ’hot stampers’. To my mind, the history of a record is a lot more important than its stamper: you know, what kind of blunt stylus was used to play it, if it was used as a dog’s frisby, and so on.

Let me tell you about something that you can control: how clean it is. Once you get into ultra-sonic record cleaning, you’ll never want to go back.

Good luck!
Discogs usually has all the info you need. The real fun starts when your buying records that Discogs doesn’t know about (yet)!


Then you can upload all the info yourself.
If there is not info yet then it will be there in the future, even if the record is extremely rare. The progression of discogs is huge, I remember when it was useless source, now it’s the best place to find all info about records, everyone can add or change info (if there is an error). 
Some speak so highly of original pressing SQ. As others have stated this is a quite variable topic that cannot be black and white. What can be is each pressing’s value. If this is important to you then the original pressings often have the highest value and you hope better SQ as well. There are often reissues that have excellent or better SQ, like MoFi and QRP. It takes research and simply buying multiple versions and let your ears decide.

I have not yet taken the leap for a hot stamper, but with the 30-day guarantee, I will likely do this soon. It really makes me wonder how many I have in my collection. My original copy of Bruce Tunnel of Love sounds amazing so I like to think of it as a Hot Stamper : )

You must not be on Discogs so that is definitely your first step. This is not only to know all versions released but to catalog your collection.