The public design competition is seeking designs for the reverse or “tails” side of the coin, which will go into circulation in 2017.
The Royal Mint says the competition winner will receive a £10 000 fee for their design, which could remain in circulation for around 30 years.
It says the competition is “a fantastic opportunity for members of the public, professional artists and designers alike”, adding “Designing a United Kingdom coin is something that most people would never have thought possible.”
The Royal Mint was criticised by designers for a similar public competition it launched in 2009, to find designs for the back of 50p coins.
The Design Business Association recommended that consultancies shouldn’t enter the 2009 competition, saying “commercial design businesses should not give away creative ideas for free”.
The competition was, however, supported by the Design Council, and Royal Mint director of commercial coins Dave Knight said: “This is about engaging the nation and getting young people involved.”
The 50p design competition was won by nine-year-old Florence Jackson, who saw off more than 17,000 other entries with her high-jumper design.