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I also collect Generation 1 Transformers, some of which are still MISB (or MOSC: mint On Sealed Card), even though the (sealed!) boxes / cards look slightly or even badly worse for wear. And I actually have a formerly white but now yellowed Transformer, due to being displayed in its sealed box: definitely not mint but certainly in a sealed box (ISB!). The box might even be called mint while the contents aren't.
Point being: please do not confuse MISB with MIMSB (Mint In Mint Sealed Box).
And to the topic starter... resealed =/= resealed. Perhaps you could sell it as MIB, though ;-)
If a seller is going to use the term MISB but uses a stock image, and the item shown up with minor damage, I would consider that as a misleading sale. The use of a stock image would also indicate that the seller is not really aiming their sales for collectors and caution should be taken. If the seller says MISB and provides photos that show the product is MISB, but when the item arrives the side that wasn't shown in the photo has minor damage then that would also be misleading and deceiving. If the entire item is shown in the photos but the damage is so minor that it can not be seen then it is hard luck as the buyer should accept that the item was MISB as per the sellers bastardised definition.
Context also plays part. Since the AFOL market is 5% (may have changed) it would be unreasonable to expect a seller of current product to use MISB as per a collectors definition when the 95% of its sales (probably higher since most AFOLs can find much better deals than from these types of sellers) would be to people who are not expecting perfectly mint packaging. If a seller is specifically targeting collectors, then they should take a bit more care.
It all boils down to the fact that if you want to remove the hassle, it does not matter what defines MISB, so long as both the buyer and the seller agree on the definition. Do your homework and don't assume. As we say at work, do not assume as it makes an 'ASS' out of 'U' and 'ME'.
What Ebay and other online marketplaces need to do it to define these acronyms so that there is no way for sellers to purposely mislead buyers into thinking that it means something else.
Mint in sealed box (MISB) actually describes the contents only as mint
Mint in Mint box (MIMB) is self explanatory
over here we have the abbreviation OVP (originalverpackt - factory packaged) you just add the word unopened in the listing and no need for any grading description as it is still factory fresh.
Also I think the mint thread is here:
http://www.bricksetforum.com/discussion/comment/45819#Comment_45819
Of course, the above examples shouldn't (hopefully) happen often, but there are distinctions between sealed box and mint contents.
Mint, as originally used, refereed to just the product, the coin. Mint in Sealed Box adds the packaging to the mix: the product is not only in mint condition, it is in a sealed box. Obviously, the confusion when it comes to LEGO is about the box, not the product. It stems from this misguided notion that the box is part of the product. It is not. It is packaging.
MISB: Product is mint, box is original packaging factory sealed and has not been opened.
I think the best way to handle this as a seller is to say "The condition of this product refers to the product contents and the condition of the original product packaging is not guaranteed."
"Mint State" (i.e. MS) refers to a coin that has never been circulated. That does not mean the coin is perfect. Coins can have flaws from minting. After being minted they travel down conveyor belts, get dumped into bins, bang against other coins, get poured into bags, etc. MS coins are graded on a scale of 60 to 70. An MS-70 coin is perfect; it just about represents the platonic ideal of what any given coin should be. An MS-60 coin can have significant dents (called "bag marks") from banging into other coins.
The instant a coin gets any circulation wear it can no longer be honestly graded MS. The next grade below MS is "Almost Uncirculated" (i.e. AU). AU coins are graded on a scale of 50 to 58.
One thing that may surprise non-coin collectors is that an AU-58 coin will often be much better looking than an MS-60 coin. The MS-60 coin could be an absolute dog with no luster and completely covered with bag marks, while the AU-58 coin could have been an MS-70 that picked up an ever-so-slight bit of wear. The ugly MS-60 would still be "Mint State" since that is how it left the mint, while the beautiful AU-58 would only be "Almost Uncirculated" since it has even the smallest amount of circulation wear.
Another thing that may surprise non-coin collectors is that the level of tarnish on a coin is independent of the grade. You could have a MS-70 coin (i.e. perfect) that has completely tarnished from silver to black and it is still MS-70, although it may be graded as "MS-70 (Toned)"
Bringing this away from coins and back to LEGO, my point is two-fold.
First; that coin collectors have made a fairly serious effort to standardize what things like "Mint State" and "Very Good" mean. LEGO collectors, AFAIK, have not.
Second; that even things like "Mint State" don't necessarily mean to a non-collector what they do to a collector.
to add to your post, postal insurers will not cover "damage" to manufacturers packaging as in their opinion it has performed its task.
Then starting in 1966... all sets came with parts "loose in box"....