Couple of years ago I got a Nikon N90s, BGN rating for $29. Like you, when I got it, I could not find a mark on it and it's worked perfectly. To me, it looked like it MAY have been a store display model.
Other BGN items I've gotten have been a bit more beat-up looking, but only one had a functional problem and KEH took it back without batting an eye.
I think the lower the rating, the more of a "crapshoot". Expect something less than perfect, so you're not disappointed, but possibly pleasantly surprised.
KEH is well known for having very conservative ratings - what they call bargain, many eBay sellers would not hesitate to call mint. I have ordered almost exclusively bargain grade equipment from them, and always felt like I really did get a bargain. The one time I received a non functional lens, they took it back without hesitation.
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