If you haven't got it, buy "The Standard Guide To Grading British Coins" (from Predecimal). It nicely describes and illustrates the grades (states of wear) on all the major obverses and reverses. Every design has its high point of relief which shows wear first, and on George V obverses it's around the eye and top of ear which wears first, reducing it to EF as in your 1934 penny.