James Earle Fraser was selected to create the new nickel, and his design was approved by President William Howard Taft in August 1912. The "V" on the back of the coin stands for "Victor", the name of the model Fraser used for the Native American head on the obverse of the coin.
The Buffalo Nickel with the "V" on the back is not particularly rare or valuable compared to other Buffalo Nickels. Uncirculated examples in good condition can sell for around $15 to $25, while worn or circulated examples can sell for less than $5.
However, the value of any coin can fluctuate based on market demand and other factors, so it is always best to consult a reputable coin dealer or numismatic expert to get an accurate appraisal of a specific coin.