A nationwide contest to design the "tails" side of a new one pound coin has been launched.

Professional artists and budding beginners are being invited by Chancellor George Osborne to put forward their creative ideas for the reverse side of the new "distinctly British" £1 coin, which will enter circulation from 2017.

As well as being able to take pride in seeing their coin design replicated in people's hands and wallets for years to come, the winner will also receive £10,000.

Plans for the new 12-sided coin, shaped similarly to a pre-decimalisation "threepenny bit", were unveiled in the Budget. The competition is open to all, irrespective of age or nationality, the Treasury said. Entries must be submitted by October 30.

Entrants are being asked to "show what Britain or 'Britishness' means, drawing on all of the qualities and quirks that make our nation unique".

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."

Designs must not include a recognisable likeness of a known person.

Full terms and conditions for the competition can be viewed at www.royalmint.com/newonepoundcoin