It's possible they were hoarded for silver value, but if that was the only reason you'd expect the majority to be George V 1911-1919. I don't know when your grandad was getting these, but certainly in the 1920s (when silver hoarders were rife) actual coin collectors didn't rate George V (or even Edward VII) as collectable, as they were 'too modern'. There seems to be a strong element of that here.
( <--- irony : "Coin Hoarder" )