Item Rarity
From Destiny 1 Wiki
Common (White)
Common, White item name, is the lowest and most common item tier. Players can usually purchase these items from vendors.
Uncommon (Green)
Uncommon, Green item name is the 2nd lowest item tier. Green items are usually rewarded for completing missions such as Strikes.
Rare (Blue)
Rare, Blue item name, is the tier 3 rarity. Rare weapons have more upgrade-able traits than uncommon or common weapons.
Legendary (Purple)
Legendary, Purple item name, is the tier 4 rarity. Players can purchase Legendary items from Faction Vendors such as the Vanguard Quartermaster or the Crucible Quartermaster.
Exotic (Gold)
Exotic, Gold item name, is the rarest item tier.