Struck in limited quantities, the artists have designed one coin each and it is understood that the gold coin will sell for a five figure sum. Both will be legal tender.
The Royal Mint says ‘[The coins will] depict the classic Olympic themes of stamina and teamwork to achieve success and victory, uniquely rendered by each designer.’
The project is backed by The London Organising Committe of the Olympics and Paralympic Games.
In February the House of Commons passed legislation for a 22-carat 1kg coin to be produced.
It is reported that at the Sydney 2000 Olympics, 14,000 1kg commerative coins were sold, and at the Beijing 2008 Olympics, 20,000 1kg coins were sold.
The designs for the Caro and Phillips coins will be unveiled on 22 November.