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Default TYPE function

I have the following formula but it is not gving me the results I am looking
for:

=IF(TYPE(VLOOKUP(V2,'thread
lookup'!$R$17:$S$24,2,FALSE)=16),1,VLOOKUP(V2,'thr ead
lookup'!$R$17:$S$24,2,FALSE))

The idea is to look for the value in V2 in my lookup table and if the result
is #N/A then return the value 1, otherwise lookup the value in V2 in my
lookup table.

All this formula is returning is 1 for everything.

Can anyone tell me where the formula is incorrect?

Thanks


 
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