The Order of the British Empire was established by King George V. GRI is a reference to him, meaning Gregorius Rex Imperator (George King Emperor). George V was King of the United Kingdom (and all the other territories) and Emperor of India.
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An early 20 century MBE Medal (Civilian) that is hallmarked could fetch 100GBP. Medals are similar to Coins in worth, in that they are only worth what some one is willing to pay for them !!Cheers, Worldlycollectables. MBE MEDAL (CIVILIAN)
If you mean the New Zealand athlete Peter George Snell, KNZM, MBE then yes he is.