Full-grain leather- This leather is recognized as the best and highest quality leather money can buy. William Ross Travel Bags® uses only the best, full-grain leather. Full grain leather comes from the top layer of the hide, with all the imperfections and inherent toughness of the material-never altered. Full-grain leather will develop a rich patina as it ages, looking more beautiful the longer it's used. Note: Watch out for companies who market using full-grain, but only use a few pieces and then use a cheaper grain-- Made "with" full-grain leather-- It's a trick that is widely used in furniture as well as briefcases and luggage.
Top-grain leather- Is the second highest grade because it is split from the top layer of blemished hide then sanded and refinished. It is used in the majority of purses as well as small leather goods that are sold by well-known designer brands. The finished product ends up looking a bit plastic-y and not nearly as durable as full grain. It will not age well with use, and will end up looking old and worn with time.
Genuine Leather-it's what's left over when the other, higher grades are stripped away. The surface is usually refinished (spray painted) to resemble a higher grade. It won't last very long, so you might not want to use it everyday.
I hope this helps so you won't get burned on your next purchase!