The image shows him mid-stride as he crossed the finish line.
The coin is celebrating the 50th anniversary of the milestone back in 1954.
Bannister, who passed away in Oxford at the age of 88, beat the world-record at the Iffley Road track in three minutes and 59.4 seconds.
It's part of a special set of coins celebrating British cultural history, to mark the 50th anniversary of the 50 pence piece.
The Royal Mint said the designs had been carefully selected to celebrate key cultural milestones and favourite pieces of coin collectors.
The set also includes a 50p marking Kew Gardens's 250th anniversary, a reissue of the previous 'new pence' 50p design and two coins celebrating the centenaries of the Scouts and Girl Guides.
The Kew Gardens coin is a collector's item because of its low mintage of just 210,000 - making it the rarest 50p design in circulation.
Nicola Howell, director of the consumer business at The Royal Mint, said: "Since the 50p entered UK circulation 50 years ago, the distinctive design has become a popular addition to the nation's pockets and wallets.
"Over the years, the commemorative editions that The Royal Mint has released to mark British cultural and historical highlights have also become incredibly popular sparking something of a collecting craze.
"We're delighted to be revealing the special 50p British Culture commemorative coin set to mark this historic anniversary, which features some of the nation's most loved 50 pence pieces."