what a shame - you lost out on a silver content of 92.5% by one year

- something to do with coming off the gold standard in 1919, I think. In 1920 the Sterling content was reduced to 50%, and it's likely the coin is the most valuable part of this item - in 1946 the silver content was removed entirely.
As a 'shilling' (£0.05), this would have been legal tender in the U.K. until c. 1970, after which as you'll know, the Brits. went decimal, though you were still able to walk into a bank and ask for the decimal equivalent - though of course you wouldn't since the silver content is worth more than 5p. The coin wasn't legal tender in shops post 1970.
This 'coin in the glass' could exist for a variety of reasons - perhaps someone had a thing about George V - found themselves with a coin they couldn't spend - just wanted to create a novelty - we'll probably never know.
Agree with you - likely to be of quite recent manufacture, but heaven knows where. sorry this doesn't help with provenance or date.