Yep, it's play money. It's hard to read but I think I can make out the name "Lauer" above the king's head. The Lauer family were token and play-money makers in Germany, the last of a long line of tokenmasters of Nuremberg. Their products are very commonly encountered throughout Europe, including Britain.
As for the portrait, he's facing the wrong way for George V, but the correct way for Edward VII.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis