You said 1.875v, which is VERY VERY different than 1.1875v, so yes, it's probably normal based on load. When the CPU isn't under full load, it's going to ask for less voltage because it will not be at full clock speed especially if you have it configured correctly (Usually desirable to leave C states (Low power states) enabled and to set the minimum processor power state in the control panel power options to something like 8% when the performance power profile is being use OR to use the balanced power profile.
So in any of those cases, yes, you will see a variable amount of core voltage depending on the state of the CPU load and clock speed.