Correct me if I am wrong, but I always thought that a "Lessor George" was the depiction of St. George slaying the dragon that hangs from the Garter sash at the hip.
The "Greater George" being the St George medallion that hangs from the Garter chain - often enameled and bejeweled (as is this one!).
This would be a mighty impressive Lessor George and if so, I would like to see the accompanying Greater George.
Personally - I think the RC has it wrong (wouldn't be the first time).