Yes, but the type three #488 is unwatermarked, and the type three #450 is watermarked. Either one could have one line removed from both ribbons to create a type one. I can't determine by the image if that could the case. If it is not watermarked, I'd lean toward that being an altered #488.
Pretty sure modifying a type III to be type I is really difficult. It's much more than the extra shading in the ribbons. That said, I can do a test, but some single line watermarks are very difficult to tell for certain and could be classified as unwatermarked.
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