The WCAG en.wikipedia.org contrast ratios turn the argument about whether something is readable into a number that two people can check. 4.5:1 for body text is the line most of the world has settled on.

Try it
Pick a text colour and a background. The ratio and the grade change as you go, and 4.5:1 is the floor for body text.
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Small type is where contrast fails first. A heading this size can get away with a pale colour that a line of body text cannot, which is why the rules give large text a lower floor.
2.78:1
- Body text · needs 4.5:1
- Large text · needs 3:1
- Body text, strictest (AAA) · needs 7:1
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