Very Good condition can describe a used book that does show some small signs of wear - but no tears - on either binding or paper. Should not have markings or highlighting, except names inside the front cover. Any defects must be noted. (definition based on AB Bookman's Weekly)
A book in very good condition is often cited as the minimum condition requirement for most collectors. Books in grades less than very good, such as good, poor and fair (and the indeterminate acceptable) are not generally accepted as collectible copies, except in the cases of very rare books or manuscripts.
Very good is most commonly abbreviated as VG, but may also appear unconventionally as V. Good.