Record grading is one of the most misused/misunderstood grading scales of any collectible.  As of now the only widely accepted grading scale that we have is Goldmine.  Here are a few tips to keep in mind before buying that desired Lp.

1)First off familiarize yourself with Goldmines Grading scale.  Know it forwards and backwards.

2)Beware of Lp's sold as 'Still in Shrink".  This means that the Lp is opened but the shrink wrap is still intact. This does not add any value to the record but for some reason many sellers throw the comment out there in the hopes of getting back a bigger return and in some cases it pays off.

3)Beware of records sold as "really great shape".  This is an opinion and not a grade.  Really great shape is all in the eye of the beholder.  Do not buy these records unless you ask a lot of questions and are then certain that you know what condition the record is in.

4)Overgrading.  Many records are overgraded especially pre 1980.  There seems to be this idea that if the record is older the grading scale means something different.  This is false.  NM means NM whether the record was pressed in 1986 or 1951.  I've encountered over grading on several Lps from the 50's. 

5)Mint.  Mint is a funny grade because in essence it means that it is flawless/perfect.  Many sellers misuse this grade as well. Again make sure that what you are paying for is what you are getting. 

6)Visual grading.  Most records are visually graded and not play graded, especially from high volume sellers.  The problem here is that Goldmine is a play grade scale.  Some defects such as skips and annoying surface noise will only be present on playback and not visible to the naked eye.  This is esp true of older Lps from the 40's and 50's.  If in doubt ask if the record was play graded or just visually graded.

7)Still Sealed.  Essentially this really shouldn't do much if anything for the value of an LP and before the internet in most cases it didn't but things have changed and Still sealed Lps generally command much higher prices than M- or NM records that are in most cases in the same condition.  Keep in mind that still sealed says nothing about the condition of the record. It is  assumed that if the record is sealed then it is Mint or NM but this is not always case.  Also the record may be warped.  Additionally beware of any pre-1980 record that is "Still sealed".  It's not that hard to re-seal and Lp and genuine sealed Lps from the 50's and 60's are almost non-existent.

8)Selling tags.  Such as "OOP","HTF","Org. Press" etc.  Most selling tags are gimmicks to attract your attention.  "OOP" means out of print and that there is no CD version of the recording currently available.  "Original Press" is a little more complicated.  Sometimes 1st pressings are radically different than later reissues, this is esp. true of rock records issued in the early-mid70's and later reissued in the 80's.  Sometimes the first pressing was in a gatefold jacket and may have contained a poster or some type of insert and the reissues were in single jackets with no inserts.  Older Lp's such as some jazz records from the 50's were reissued in the 60's and sometimes 70's with different covers all together.  Know what you are getting and be sure that paying the extra $$$$ for the original is actually worth it.  It may or may not be.

9)Budget Labels such as Pickwick,Crown, Sunset etc..  These can be good or bad depending on what exactly they are.   Most were subsidaries of larger labels.  Again know what you are getting.  Many budget releases were carbon copies of the original or compilation releases.  Sometimes sellers will label these as orginal pressings when in fact they are not, they are budget reissues.

10)Finally know the market.  Many Lp's can be had for well under book value, this is esp. true of vintage Jazz Lp's and many Rock Records.  Original Blue Notes, Riverside and Prestige are for the most part commanding top dollar esp the Blue Notes however lesser releases are still affordable. 

For the most part buying records can be a very exciting thing but a small amount of knowledge can go a long way.