Fine Tool Journal Classification system with a few of my own modifications:
Category:      New
    Usable:     completely
    Finish:     japanning /nickel- 100%
                    Wood- as manufactured
    Wear:       None
    Repair:     None
    Rust:       Metal- no rust
                    Wood- surface smooth, edges sharp
    Misc:       "+" indicates original package, may also be termed "crispy"
Category:       Fine
    Usable:     completely
    Finish:     japanning/nickel - 90-99%
                    Wood- 80%+,  old finish
    Wear:       Minimal
    Repair:     None
    Rust:       Metal- trace of rust, some dark patina OK but no cracks, chips
                    Wood- surface smooth, minor toolbox dings, edges some rounding
    Misc:       Makers stamps, if present, clean and legible
Category:       Good+plus
    Usable:     Yes- may need minor tuning.
    Finish:     japanning/nickel - 75%-90%
                    Wood- well patina appearance
    Wear:       Normal
    Repair:     Minor or none
    Rust:       Metal- light rust./patina but no cracks, chips
                    Wood- Minor surface scrapes, dings, edges good
    Misc:       A few dings and scratches are OK
most of what I  sell is in the above categories
good can go either way, but generally make excellent users
Category:       Good
    Usable:     Yes- may need  tuning
    Finish:     japanning /nickel- 65%-75%
                    Wood- Pleasing patina, may have some stains.
    Wear:       Normal to moderate
    Repair:     Minor but correct
    Rust:       Metal- Light rust, some minor pitting but no cracks, chips
                    Wood-  minor  chips,  dings scratches
    Misc:       This category represents average as-found condition
Once it gets past this point I generally won’t bother unless it’s something exceedingly rare and collectable
 or for parts only
Category:       Good-minus
    Usable:     Yes, with some tuning
    Finish:     japanning/nickel- 30%-65%
                    Wood- Some patina, staining or discoloration
    Wear:       Moderate to heavy
    Repair:     Correct only
    Rust:        Metal- moderate rust, moderate pitting some minor chips
                    Wood- Warping, chips, dings, minor splitting
    Misc:       This category could indicate a problem but still may make a decent user
Past this point a tool will only be usable as a parts plane…
Category:       Fair
    Usable:     Probably Not
    Finish:     japanning /nickel- 0%-30%
                    Wood- Extreme discoloration, poor refinishing
    Wear:       Excessive
    Repair:     Major, improper, or missing parts welded/brazing of the metal parts
    Rust:         Metal- moderate to heavy rust, serious pitting, broken castings/cracks
                    Wood- Warped, split, large chunks out, major cracks
    Misc:       Not suitable to add to a collection or as a user, may be
                    good for parts.
Category:       Poor
    Usable:     No
    Finish:     n/a
    Wear:       Excessive
    Repair:     Damaged, missing major parts
    Rust:       Metal- heavy rust, major pitting, broken casting/cracks
                    Wood- rot, rough surface, glued splits
    Misc:       Only useful for parts, or raw materials for the repair
                    of better condition tools.
  The above categories do not include refinished a rule refinishing a plane decreases it's value by up to 30%..unless it's graded good or below, in which case it may increase the value of a decent user but should be noted.  Re-japanning, replacement totes, re-manufactured parts all take away from the overall integrity and value of the original tool...pieces and parts from the same era plane will not decrease the value of a plane appreciably but all replacement parts should be noted when selling.
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