I can't believe that my 68s that graded PF 68 Star didn't get the cameo (pictured above) designation, but happy with the star grade.
Sorry, but FROM THE PICTURES, I agree with the grade. The 1969 has, at best, moderate cameo contrast on both sides. The 1968 has minimal contrast on the reverse. I've got a 1956 Type 1 with stone cold Ultra Cameo on the reverse (which is the important side for a Type 1) and no contrast on the obverse. It didn't even get a star.
The Star is all that the coin deserved since, regardless of depth and contrast of the obverse, the reverse simply is not cameo.
I'm not quite convinced that this is a clip. There does not appear to be the corresponding weak area directly opposite of the clip. Blakesly affect if I recall correctly. Can you get closeup pictures of the "AMERICA" area and "TRUST" area. This would be helpful.
In hand, it is pretty close. I happen to agree with you, but it could have gone either way. No matter, as it is a pretty coin, and I like my NGC stars.