We (at LC) have a similar field in our MAVIS system for Production Status, with options like Tape Duplication Master, Original Tape, Dub Copy, Master Tape, etc. that came with the software. More often than not, LC has such heterogeneous collections that the documentation is so minimal and the contents from too many sources that the provenance is often a complicated matter to assign just one value which feels too certain for what we know. I've felt much of the use of these sort of terms is archive-specific, also, because, we hold copies of items which are in other libraries (both physical and analog), and so, for our purposes, our first generation item is the earliest one in the archive (from which others were made). This was also the case when I worked at the Archives of Traditional Music in Indiana, which houses copies of items where the originals are housed at the Smithsonian or LoC.
John, thanks for pointing out that glossary. That will prove useful if/when we ever need to map our database to these sort of terms.
Thom Pease
(not speaking for my employer)
Library of Congress
Packard Campus/AV-Conservation