Default (for items without special names, as below):
poor, inferior, decent, fine, perfect

crude, rough, decent, fine, masterwork

curved, rough, decent, fine, superior

crude, rough, decent, fine, masterwork

leaky, rough, decent, fine, beautiful

awful, bland, decent, tasty, delicious

Fresh animal skin and Fur :
ragged, harsh, decent, fine, superior 

(A "decent" quality item will not show its quality in the item name.) The highest grade is worth 1.5 the price of decent. Fine is worth 1.25, rough 0.5. The lowest grade is not accepted for trades.

Source: Sami at this topic

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