Let's use these definitions when talking grading of coins...
(P-1) Poor - Barely identifiable; must have date and mintmark, otherwise pretty thrashed.
(FR-2) Fair - Worn almost smooth but lacking the damage Poor coins have.
(G-4) Good - Heavily worn such that inscriptions merge into the rims in places; details are mostly gone.
(VG-

Very Good - Very worn, but all major design elements are clear, if faint. Little if any central detail.
(F-12) Fine - Very worn, but wear is even and overall design elements stand out boldly. Almost fully-separated rims.
(VF-20) Very Fine - Moderately worn, with some finer details remaining. All letters of LIBERTY, (if present,) should be readable. Full, clean rims.
(EF-40) Extremely Fine - Lightly worn; all devices are clear, major devices bold.
(AU-50) About Uncirculated - Slight traces of wear on high points; may have contact marks and little eye appeal.
(AU-5

Very Choice About Uncirculated - - Slightest hints of wear marks, no major contact marks, almost full luster, and positive eye appeal.
(MS-60) Mint State Basal - Strictly uncirculated but that's all; ugly coin with no luster, obvious contact marks, etc.
(MS-63) Mint State Acceptable - Uncirculated, but with contact marks and nicks, slightly impaired luster, overall basically appealing appearance. Strike is average to weak.
(MS-65) Mint State Choice - Uncirculated with strong luster, very few contact marks, excellent eye appeal. Strike is above average.
(MS-6

Mint State Premium Quality - Uncirculated with perfect luster, no visible contact marks to the naked eye, exceptional eye appeal. Strike is sharp and attractive.
(MS-69) Mint State All-But-Perfect - Uncirculated with perfect luster, sharp, attractive strike, and very exceptional eye appeal. A perfect coin except for microscopic flaws (under 8x magnification) in planchet, strike, or contact marks.
(MS-70) Mint State Perfect - The perfect coin. There are no microscopic flaws visible to 8x, the strike is sharp, perfectly-centered, and on a flawless planchet. Bright, full, original luster and outstanding eye appeal.
Or
Proof . A specially made coin distinguished by sharpness of detail and usually with a brilliant mirror-like surface. Proof refers to the method of manufacture and is not a condition , but normally the term implies perfect mint state unless otherwise noted and graded as below
Uncirculated . Uncirculated coins are struck using the same process as circulating coins, but with quality enhancements