The piece is a sterling silver 1 shilling coin from 1915 mounted in a sterling bezel.  The bezel is marked "925" on the edge, and "VB" on the front as shown.  The coin is not soldered in place, it is held in place by tabs and could be removed if desired.  Some wear typical of age - spots of tarnish, scuffs, scratches, etc, and the coin has wear from circulation.