"If we can agree on the words we will use to describe the condition of a chip, we have a grading system. It need not be numerical it just needs to be uniform."

And therein lies the problem Peter. The numerical system was intended to serve as a universal shorthand for a verbal description. But depending upon whether one was buying or selling, the verbal descriptions will still be misused by some. One person's "Very Fine" will be somebody else's "Fine".