Very Fine (VF)
The highest grade given to any copy, very fine is a term that describes a crisp fresh copy and it admits no flaws. "As New" is considered a term with the exact same meaning as "Very Fine"--even though "Very Fine" is the general acceptable term according to the "First's Magazine" Quick Reference Guide.
A copy that is without visible flaws, but one that may lack the pristine crispness of a very fine copy. A book that is graded "fine" has had excellent and loving care. Any minor blemish in the book or the dust wrapper must be noted in the description.
Very Good (VG)
The most common grade given to a collectible copy, very good means exactly what it says. A very good copy is no longer fresh; it has been handled and shows some signs of wear, but it is still sound and appealing. Flaws such as ownership signatures, bookplates and remainder marks will be noted in the description, along with rubbing, chips and tears, and price-clipping in dust wrappers.
Note: The term "Near Fine" is used when a book is the nearest to being "Fine". The book may have just one small condition (that should always be noted)-and still lists out higher than a "Very Good" copy. Some booksellers consider a book that has been price clipped--with no other condition issues--to be "Near Fine". In all cases, all condition issues must be noted in the description of the book--unless the book is graded out as "Very Fine" or "As New".