Grading:

Grading is very subjective and companies like CGC are not exactly consistent with the same comic varying in grade as wide as 8.5 to 9.6 (verified by taking the same comic from the holder and re-submitting).  Grading can also differ significantly depending on the age of the comic - an 8.5 modern could make a 9.2 if it were silver age. 

The standard grading system looks something like this:

9.9-10.0 Mint.  Comic looks like it has just come off the printing press. No defects of any kind; sharp corners, shiny staples centred on the spine.

9.0-9.8 Near Mint: This is a comic that is essentially unread and has just come off the news stand. Only minor imperfections allowed, including slight binding and printing faults. May have some spine stresses and corner creases depending on exact grade. 

7.5-8.5 Very Fine: A copy that has been read a few times but well looked after.  May have several minor defects such as corner creasing, edge and spine wear but has minimal overall surface wear. 

5.5-7.0 Fine: Read quite a lot and showing some signs of age.  Will have an accumulation of minor defects including corner dings, minor creases and light spine wear but generally no major defects. 

3.5-5.0 Very Good: A well read comic in one piece but visibly aged.  May have some small pieces missing such as corners, some minor tape repairs, moderately rolled spine, possible discoloration, fading and even minor soiling. Cover and interior pages can have some minor tears and folds and the centrefold may be detached at one staple. The cover may also be loose, but not completely detached.

0.5-3.0 Poor-Fair-Good: Pretty bad condition – avoid unless they are true key comics such as Spider-Man #1.

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