The tribute, part of The Royal Mint’s “Music Legends” series, includes his famous straw boater and music notes as glasses on a Union Jack background.
Prices range from £13 to £64,950 for a 1kg gold one.
The Bennie and the Jets singer has sold more than 200 million records over his 50-year career.
Sir Elton, 73, said: “It really is a fabulous honour to be recognised in this way.
“The last few years have contained some of the most memorable moments of my career, and this is another truly humbling milestone on my journey.”
Clare Maclennan, of The Royal Mint, added: “Elton John is without a doubt a British music legend and is recognised as one of the most successful singer-songwriters of his generation.
“We are delighted to honour Elton’s significant contribution to British music on a UK coin.
“This is the second coin in The Royal Mint’s new Music Legends series, marking the work of our exceptional British musicians.”