Type II is correct. The value question really is an individual matter. You can assign a catalog value to an item, but what it is worth in the marketplace depends on many factors. I would suggest you go to
eBay and search for Scott #7 strips of 3 and see what they sell for in comparable condition (F-VF margins, with crease or wrinkle). I could tell you how much I (as a specialist in this issue) would pay, but that would not really answer your question.