Machine damaged. This occurs during the coining process where slop in the machine/die allow a small wobble at the top of the stroke. No premium. Welcome to CT.
The true 1969 S Doubled Die looks like this.. Yours is not it. You have a Mechanical Doubling issue. Click to enlarge
I like it and would love to find one, but MD and as such not much value added...unless you get a hot one on the line.