Looking at the coin as a whole, the curvature of the legend, rather than the individual letters, the repunched  V looks to me to be closer to the correct line. I would say that it looks to be a corrected misalignment.  To be honest Chingford, do you wear glasses, are they broken? The legs of the top V are pointing to VENUS, they look like they're about to take off or have just started to. The bottom stamp of this looks more in alignment than the top, perhaps the legs of the V are a smidge out, but it sure as hell looks better to me than the top punch does  It is my opinion an over struck V to correct alignment, The die was probably corrected by eye, not using x200 magnification as you have shown, Victorian coinage of all denominations have these corrections in both date and legend.