Considering the age of this box set, it is in excellent condition. The Two Towers & The Return of the King (Books 2 & 3) appear to have never been opened and The Fellowship of the Ring (Book 1) appears to have only been opened up to about page 5-6.
The spines of all three are in fantastic shape as well as the front and back covers, the most glaring cosmetic flaw is that the top right corner of The Fellowship of the Ring has a crease. The box itself is in pretty good shape as well, better than most I've seen in my research. Please see pictures for more details and feel free to send a message if you have any questions or want more specific pictures.