So what does the term MIB mean when grading Vintage Action Figures? Well the meaning for MIB is 'Mint in Box'.This is an uncommon way to find action figure and action figure vehicle samples. Keep in mind that you must ask if the action figure or toy is MIB and complete, make sure that all the pieces are still included in the box. If you doubt this to be true, go home and research to see if the piece is indeed complete. if not, adjust the value of the item down according to the rarity of the piece that is missing. MIP is another abbreviation that is similar to MIB, MIP stands for 'Mint in Package'. The same criteria apply here. You may also want to consider the price of an action figure by observing both the condition of the box and the action figure inside the box separately, if the box is in bad condition, but the figure is mint condition, you must decide which is more important to you, especially as a buyer the packing around the figure or vehicle or accessory, or the figure inside.
On a related note some collectors actually buy every action figure in their collection in mint, loose, and complete condition and then eventually buy boxes separately in which to package these pieces. Therefore, some of the rarer vintage action figure boxes are actually worth quite a bit of money themselves.
Reference Warmans Action Figures Field Guide
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