"V" in this case is not the Roman numeral five, but the abbreviation for the German word "von", meaning "from" or "of". The translation of the obverse legend is "Frederick, German Emperor, King of Prussia". The design of this counter was derived from the
one-year-type coinage of German emperor Friedrich I (Friedrich III of Prussia) who died of cancer after only three months on the throne in 1888.
The word "counter" is in English, not German, so this token was not made for German use, though it probably was actually made in Germany (the token-makers of Nuremberg were the best and cheapest source of tokens in Europe). The emperor was probably already dead by the time this token was issued - it may even have been a kind of memorial piece. It's presumably a British-marketed card-game counter.
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