See: https://www.ibm.com/support/knowledgecenter/SS6SG3_5.2.0/com.ibm.cobol52.ent.doc/PGandLR/ref/rlddepic.html

The V symbol used in a PICTURE clause indicates the position of an assumed decimal point. This is not present in the data. So, the value 123.45 with PIC 9(3)V99 might appear as $01020304050C. With a different picture, the identical data could be interpreted as 12345, 1.2345, 12.345 and so on.