Wonder who came up with these? Don't even mention the descriptions used in The Chip Rack or Official Guide, or how they might relate.

I won't be using the "club terminology" in my chip sales. Here is my set of terms:

Unused
Slight Use
Excellent
Very Good
Good
Worn

Modifiers of:

Cancelled (with description)
Damaged (with description)

For tokens, I use numismatic terms:

Uncirculated
Extremely Fine
Very Fine
Fine

With added notes indicating amount of hopper marks on the surfaces and edges. Also modifiers indicating whether the token exhibits proof-like qualities in the fields or the devices.