Teenager's design to grace £1 coin
A teenager's design is set to line pockets and purses across the UK after George Osborne announced his drawing will feature on the new £1 coin.
Fifteen-year-old David Pearce's winning design was picked from more than 6,000 entries and will be struck on to the new £1 coin in 2017.
David, from Walsall, received the good news from the Chancellor himself, who rang up to tell him he had won.
Mr Osborne, who welcomed David and other young entrants to Downing Street to celebrate their success, said David's design would be "recognised by millions in the years ahead".
He said: "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 competition captured the imagination of thousands of people and David Pearce's winning design will be recognised by millions in the years ahead. It was fantastic to congratulate him and other young entrants in person in Downing Street."
David said he could not believe his design, which features a rose, leek, thistle and shamrock emerging from a Royal Coronet, had been chosen for the new coin.
He said: "I was really excited to hear that I had won the competition to design the new £1 coin, but hugely shocked as well.
"I heard about the competition through my design teacher at school and I thought I had nothing to lose so I decided to enter.
"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 design, which will be true to David's original entry, has been refined for use on the new coin with the support of renowned coin artist David Lawrence and lettering expert Stephen Raw.
The £1 coin, which is being replaced for the first time in more than 30 years because of its vulnerability to counterfeiters, was announced by the Chancellor at last year's Budget.
It will have the same shape as the old 12-sided three pence piece, and is set to be the most secure coin in circulation in the world due to its bi-metallic construction and the Royal Mint's new state-of-the-art anti-counterfeiting technology.