The condition of a record is critical in determining its worth. Three or more components directly affect the price at which you buy or sell the album:
If the jacket is badly torn or written on, or the record is warped or scratched, don't expect to get much (if any) money for the album. Even if you own a relatively rare record, if the jacket is ruined or the record can't be played, its worth is greatly diminished.
When determining the record's ultimate worth, most dealers use a grading key, with the highest grade obtained by consulting price guides (and the state of the current market). The lower the record is on the scale, the lower its value.