State
From MUME
Item damage has internally been represented with two values, item state and item permanent damage (or age). The permanent damage and item state will be shown to players like this:
State, from best to worst: Permanent damage/age, best to worst: flawless new well-maintained fresh satisfactory seasoned used well-seasoned worn aged neglected old marred hoary unavailing timeworn deteriorating age-old worn out antiquated
Now, this is important: Only the state decides how good the item is. The older an item is, the quicker its state will go down though. So - a (flawless, new) sword, is just as good as a (flawless, old) sword.
Items that are timeworn or older cannot be mended in any way, and have little value.
From News 2096 by Ilie.