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It means that even though the item is used thoroughly, that it shows no signs of being used.
Even though the punter has appeared in every game this season, his uniform is "no worse for wear".

Eminem's lyrics in Alchemist Freestyle:

Yea I'm back, looking no worse for wear
Got these haters mad enough to rip out their hair, start punching the air
by tina_macgirl July 28, 2010
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Sep 16 Word of the Day
(noun) A successful type of theft which results in an acceptable, impressive and rewarding payday for the protagonist.
Last night, hit a good lick. I brought home three figures easy for about two hours worth of my time. Not too bad I don't think.
by Nikki Stixx January 18, 2021
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