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Industry Grading Standards

Grading a card is very subjective.  Having said that, there are companies (PSA, SGC, & BGS) with highly touted experts that, for a fee, will grade and encapsulate your trading cards. These companies have set forth an industry standard of a 1-10 scale with basic qualities needed for any particular grade. Note that each company may have tweaks and differences to their scale and grading standards.

Grade Name Description
10 GEM MINT  Approximately 55/45 or better centering.
Four sharp corners, clean registration and full original gloss. 
No stains, print lines, or visible wear.
No visible flaws to the naked eye.
9 MINT Approximately 60/40 or better centering.
Four sharp corners, and clean registration.
One minor flaw may exist upon close examination which includes, but is not limited to: a slight printing imperfection, the slightest touch to one corner, a minuscule gloss imperfection or surface scratch, or a small print spot, as examples.
8 NEARMINT to MINT Approximately 65/35 or better centering.
Corners are sharp to the naked eye but may exhibit slight wear under closer examination.
One or more minor flaws may exist upon close examination which includes, but is not limited to: a slight wax stain, printing imperfection, the slightest touch to one corner, a small gloss imperfection or surface scratch, a minor print line, a minor focus or color imperfection, or a small print spot.
7 NEARMINT Approximately 70/30 or better centering.
A few small flaws may exist upon close examination. Small flaws may be, but is not limited to: a very minor wear on one corner, a gloss break or light surface imperfection, a wax stain, a print line, a focus or color imperfection, or a print spot.
6 EXCELLENT to NEARMINT 80/20 or better centering.
Corners may have slight fraying, focus or registration may be off, and slight touches of edges may exist and be more apparent. Card may start to show signs of lost gloss or minor wax stain. 
5 EXCELLENT 85/15 or better centering.
Surface wear and printing defects are possible.  Minor rounding or fraying of corners, chipping along edges, lost gloss on surface with some scratching that does not detract from the aesthetics of the card may be visible
4 VERY GOOD to EXCELLENT Approximately 85/15 or better centering.
Modest surface wear may be exhibited.  Corners are slightly frayed or rounded with possibly one wrinkle or light hairline crease shown on one side.
3 VERY GOOD 90/10 or better centering.
Corners are soft and rounded.  Surface wear is moderate.  Focus may be off along with registration and discoloration. A crease, light tear, or surface break may be visible.
2 GOOD Approximately Centered 90/10 or better.
This card usually exhibits many detracting attributes including rounded corners, heavy surface wear like scuffing, loss of gloss, notched edges, multiple heavy creases, and/or other print and surface imperfections.
1 POOR This card usually exhibits many detracting characteristics including pinholes, multiple heavy creases, tears, missing corners, surface paper loss, heavy staining, discoloration, and/or warping. The eye appeal of the card is nearly gone in its entirety.