To me a premium cigar is one that is hand rolled and constructed with long fillers, though there are some medium filler handmade cigars I'd consider premium. Beyond that, there is some wiggle room for what qualifies as a super premium, this would be your Davidoffs, Avos, Graycliffs (some), high end Fuentes (OpusX, God of Fire). But I think there are a lot of differing opinions about what is super premium and what qualifies a cigar as such.
I have nothing to really base this off of, but this is how I tend think of it: Quality coupled with price. I tend to think of an economy stick as something with good quality under $5.00. A premium is a quality stick in the $5-10.00 range, and a super premium as something over 10 bucks. Now, there are many sticks that cost way over 10 bucks but I certainly don't consider them super premium. Just overpriced. *cough* Gurkha *cough*. That's just how I look at it. It's probably wrong.
Yeah, my understanding is that in general usage, "premium cigar" means any cigar that's hand-rolled using long fillers, high quality tobaccos, and blended by someone who knows what they're doing. It doesn't matter if that cigar sells for $1 or $100. So, basically, every cigar sold on ccom, for example, is a "premium cigar."
I agree that a premium cigar is hand rolled, uses long fillers, and has premium tobacco, but I also classify premium cigars by how the experience is as a whole.. I can pick out an Opus X one day and smoke it, find it as an OK smoke and leave it at that.. does that still make it a premium cigar? Yes an No, the cigar itself might be the best tobacco possible, hand rolled right in front of you and have the longest filler, but if you don't "feel" it when you smoke, that is the experience isn't all that wonderful, then it wouldn't necessarily be considered by me as a "premium cigar".. On the other side of the price spectrum, you can pick up a CCOM house blend, a stick you can get for $2.50, which may or may not be hand-rolled, long filler, and have premium tobacco in it (im not sure on any of this so if anyone wants to share info feel free!), and still have a "premium cigar" experience. I guess it's all subjective, "premium", to me, is in the eye of the beholder, or in this case the smoker.
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