Like New
Stock is normally ex-retail stock - barely used, if at all.
Excellent
Quality condition with minimal wear on the face of the club. Expect no chips or scratches on the crown/clubhead.
Good
Expect some general wear & tear, maybe the odd light scratch/blemish on the crown/clubhead.
Fair
Heavy wear and tear - best value for money option. Whilst it may look like it's gone a few rounds, it will hit perfectly fine.