Image copyright PA Image caption The Royal Mint is introducing the new coin as it believes 3% of existing £1 coins are fake

A design competition to create an image which will be emblazoned onto the "tails" side of the new £1 coin has been launched.

Chancellor George Osborne said in this year's Budget that the Royal Mint would manufacture a new coin in the hope of reducing counterfeiting.

The competition is open to those of any age, no matter where they are from, the Treasury said.

The new currency is expected to be in circulation in 2017.

The current proposed design is a 12-sided coin similar in shape to the pre-decimalisation threepence piece, more commonly known as the "threepenny bit".

'People's pockets'

The winning design should display an image which symbolises Britain or "Britishness", the Treasury said.

Mr Osborne said: "Think about your favourite landmark, or a great British achievement or a symbol from our Islands' story. The winning design will be in millions of people's pockets and purses. It'll be heads you win; tails, it's your design."

The winner will also receive a fee of £10,000 in exchange for the right to use their design, and be invited to visit the Royal Mint in south Wales.

Entries will only be accepted on an official submission form, and all designs must be submitted by Thursday 30 October.

Alongside the competition the Treasury is holding a public consultation on the design and specification of the new coin which closes on 21 November.