Here's the stupid thing [well, one of them] about the whole type nonsense:
Which is more valuable? Answer: the second photo by far. The first is a first generation portrait while the latter is clearly second generation or later because it is a composite of photo and caption. But the first is a typical anonymous publicity photo while the second is a fighter-issued promotional piece.
Let's play again:
Same result. The second generation image is worth more than the first generation one because of context.
My point being that getting hung up on Types doesn't come close to answering the question of photo value. It is a random trait of an image that has been randomly selected by PSA as a tool for labeling. As the field becomes more sophisticated I think we will see a greater recognition of content and context over type as a real determinant of value.
PSA/DNA Photograph Type Classification
Type I - A 1st generation photograph, developed from the original negative, during the period (within approximately two years of when the picture was taken).
Type II - A photograph, developed from the original negative, during the period (more than approximately two years after the picture was taken).
Type III - A 2nd generation photograph, developed from a duplicate negative or wire transmission, during the period (within approximately two years of when the picture was taken).
Type IV - A 2nd generation photograph (or 3rd or later generation), developed from a duplicate negative or wire transmission, during a later period (more than approximately two years after the picture was taken).
Another factor that I think will take hold in the future is being able to show who the artist is who made the photo; a well-known studio's imprint or stamp or signature should increase value IMO. This Freddie Welsh image is nothing special but the Bain stamp makes it:
A double-weight wet signed portrait of Georges Carpentier from the Geisler-Andrews studio, a business that operated from 1917-1921:
Hall's Studio Gene Tunney:
Cazzie Russell and Rudy LaRusso by George Kalinsky:
Red Grange by the Maurice Seymour studio in Chicago:
