A fungible goods, which are part of a large mass will be identified when the goods are marked, shipped or somehow designated by the seller or lessor as the particular goods to pass under the contract.
As observed in the question, a fungible goods refers to those items that are interchangeable because they are identical to each other for practical purposes. It can also be referred to as securities or other items that are equivalent or consist of many identical parts such that for practical purposes, they areoften interchangeable.
Some material items, securities and other financial instruments may be considered fungible goods. A commodities, common shares, options, and dollar bills are examples of fungible goods.
However, some assets like diamonds, land, or baseball cards are not fungible because each unit has unique qualities that add or subtract value. Also, if a goods are sold by weight or number, then, they are probably not fungible goods.
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