The competition, organised by the Bank of Estonia, is open to both individuals and professional designers.

The Bank plan to issue the coin with a nominal value of €10 (£8.80/$10.80) in the summer of 2024.

The Bank of Estonia has a long tradition of issuing collector coins for the Olympics, going back to Barcelona 1992 when the country made its return to the Games as an individual nation after a 56-year absence.

Estonia first competed as a nation at the 1920 Summer Olympics in Antwerp, two years after the country declared independence from the then warring Russian and German Empires in 1918.

Estonian athletes took part in the Olympic Games until the country was invaded and occupied by the Soviet Union in 1940.

They then returned under their own flag following the collapse of the Soviet Union in 1991.

Since then, Estonia has competed in every Summer and Winter Olympic Games.

It has won a total of 44 medals, including 14 gold - 10 at the Summer Games and four in the Winter edition.

Estonia’s most successful sport has been wrestling with 17 medals, five of them gold, followed by cross-country skiing, in which they have won four golds.

At the rearranged Olympics in Tokyo in 2021, they won their first gold medal since Beijing 2008 when the women’s fencers claimed the team épée title.

The Bank of Estonia has previously issued 12 Olympic coins, including one for last year's Winter Games in Beijing. 

The closing date for the competition is March 10.

The winner will be awarded €2,500 (£2,200/$2,700), the runner-up €1,500 (£1,300/$1,600) and the third placed €1,000 (£880/$1,100).