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A 15-year-old's design for the new £1 coin has been chosen ahead of more than 6,000 entries.
David Pearce's drawing will feature on the new currency that will be released in 2017.
He was told the news 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."
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Gallery: In With The Old For New £1 Coin
A new-look £1 coin is among the announcements the Chancellor is expected to make in his annual Budget statement.
The familiar round shape will be replaced with a 12-sided design, with the first of the new coins expected to enter circulation in 2017.
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The new £1 coin resembles the 'threepenny bit', which was introduced back in 1937.
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The new coin is designed to be more difficult to forge than the existing one.
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An estimated 3% of all £1 coins - around 45 million in total - are counterfeits, according to the Royal Mint.
David's design, which features national emblems of the UK - a rose, leek, thistle and shamrock - emerging from a Royal Coronet, has been slightly refined with the support of renowned coin artist David Lawrence and lettering expert Stephen Raw.
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 because of its vulnerability to counterfeiters.
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.
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