Quite aside from the fact that all 1911 British and British Empire Pennies feature George V and have GEORGIVS V inscribed on the coin, if the head is facing towards the left then it is George V. If the head is facing to the right it is Edward VII.
King George V wasn't on any coins until 1911.
Such a coin does not exist. George V did not take the throne until 1910 and the first coins bearing his image were issued in 1911. If you refer to a 1907 Edward VII Penny, see the related question link below.
1911
Other than a very few minor differences, the 1914 British Penny is very much the same as all George V Pennies issued from 1911 to 1936. See the 1936 Penny at the link below.
An Australian 1911 bronze Penny (George V), uncirculated and in absolute mint condition could fetch up to $550 AUD. If it has been circulated but still in good condition, it might fetch anything from $1.50 to $95 AUD. There were 3.768 million minted. An Australian 1911 bronze Penny (George V)(Proof), uncirculated and in absolute mint condition could fetch up to $60,000 AUD. A reputable coin dealer will be able to give a more accurate valuation. Of special significance is that 1911 coins were the first "Australian" Pennies.
I am unfamiliar with the reference to "centre diamond" on an Australian George V Penny. Please provide more information.
King George V Coronation Medal was created in 1911.
King George V
King George V
June 22 1911.
It depends on the nation.
King George V was Crowned King of the United Kingdom 22 June 1911