15:28 18 March 2015
15-year-old David Pearce’s drawing has been chosen and will feature on the new currency set to be released in 2017. The new £1 coin is said to be the most secure in circulation in the world.
The great news was delivered by George Osborne.
"Designing the new £1 coin was a brilliant opportunity to leave a lasting legacy on what will be the most secure coin in circulation anywhere," the Chancellor said.
"The competition captured the imagination of thousands of people and David Pearce's winning design will be recognised by millions in the years ahead."
The design features national emblems – a rose, leek, thistle and shamrock.
The teenager, from Walsall, said: "I spent a lot of time researching what coin designs looked like and what sort of designs would represent all parts of the UK before submitting my idea and I honestly cannot believe I have won."
The £1 coin is being replaced for the first time in more than 30 years.