Gussyboy,
He is referring to the word Liberty in the headband. For VG a couple of letters need to be visible, Fine = all visible but faint, etc. With no letters visible, the best grade you could get is Good and that would require definition on both the obverse and reverse rims. From the small picture posted, I would guess this to be graded Good if the rims are not worn smooth.
Here's a pic of one that would probably grade VG. Note the Liberty in the headband.
