It is indeed Queen Victoria's cypher, but it's not possible to reliably date it (and it's not necessarily from 'the last half of the 1800s'). That same cipher was in use all the way from 1837-1901. There is a tendency for ciphers from the later period of her reign to use non-script lettering, but that's not a reliable indicator.
The cipher was used on virtually everything you can think of which had an official use or connection (for metal items that would include signage, plates on containers or storage boxes, belt buckles and other uniform regalia both military and civic, and a whole host of other things) and on many non-official items as a mark of patriotism. I think it will be pretty tough to establish exactly what that one was used for.