Commemorative £5 coins could be issued to fund a statue of Prince Philip or even new Royal Yacht Britannia under Treasury plans.
Ministers are said to be considering minting the 'crowns' following the death of the Duke of Edinburgh who passed away aged 99 at Windsor Castle last week.
The money raised could then be used to pay for a permanent memorial with the proposition already being backed by MPs, according to The Telegraph.
Commemorative £5 coins could be issued to fund a statue of Prince Philip or even new Royal Yacht Britannia under Treasury plans
Vice Chairman of the 1922 Committee Sir Charles Walker told the publication: 'I can think of few better ways of celebrating the Duke of Edinburgh's full and wonderful life than the issuance of a special memorial coin.
'If the Royal Mint did this, there would be a large number of people – myself included – who would want to own one of these coins as well as buying one for children and grandchildren.'
A commemorative coin is being seen as a fitting tribute as Prince Philip was the president of the Royal Mint Advisory Committee for 40 years.
But HM Treasury declined to comment while still in the official period of mourning.
It comes after Boris Johnson was recently urged to consider sanctioning a successor to the Royal Yacht Britannia as a memorial to the Duke of Edinburgh.
Boris Johnson has been urged to consider sanctioning a successor to the Royal Yacht Britannia as a memorial to the Duke of Edinburgh. Pictured: The Queen and Prince Philip leave the Royal Yacht Britannia for the last time in Portsmouth where it was paid off in 1997
Philip travelled 70,000 miles on Britannia, including on two round-the-world trips, before it was decommissioned in 1997
Politicians and business leaders called for the construction of the vessel to serve as a sister ship to aircraft carriers Queen Elizabeth and Prince of Wales.
Prince Philip served with the Royal Navy in the Second World War and was Lord High Admiral at the time of his death.
He travelled 70,000 miles on Britannia, including on two round-the-world trips, before it was decommissioned in 1997 as well as playing a key role in the commissioning and design of the original yacht in the 1950s.
Calls for a replacement have been made several times before, but now MPs believe making the ship as a memorial to the Duke would make it more appropriate.
One Cabinet minister told the Sunday Telegraph that the ship could receive backing if it doubled as hospital ship or a training vessel as well as serving the Royal Family.
They said: 'Having a symbol of the nation that can travel the world, be used by the Royal family and have another sensible purpose such as helping young people is a better scheme. It could also be a flagship for reinvigorated British shipbuilding.'
They added that an announcement on such a ship, which would cost around £190million, could be tied to the Queen's diamond jubilee next year.
Number 10 sources gave the proposal for a successor a cautious welcome, saying it was a 'nice idea' but they would have to consider the country's wider shipbuilding plans first.
Elsewhere, Save Our Statues launched a change.org campaign calling on the Prime Minister to erect a monument to the Duke of Edinburgh in London.
Elsewhere, Save Our Statues launching a change.org campaign calling on Boris Johnson to erect a monument to the Duke of Edinburgh in London
The page has been signed more than 4,000 times since it was set up last night and heartbroken signatories left tributes to the Queen's husband.
It said: 'The Duke of Edinburgh served our country for 78 years, serving 13 in the Royal Navy and then 65 as Britain's longest serving consort, including 22,000 engagements and supporting 780 organisations.
'We say there should be a prominent statue of the Duke in London to recognise the above, as well as his great personal dedication and support to Her Majesty the Queen.'
Earlier this year it was announced that the Queen will have her special-issue 95th birthday £5 coin inscribed with her pledge to reign with 'my heart and my devotion'.
Her Majesty, who is already the longest reigning monarch that Britain has ever had, will celebrate the milestone later this month before another official birthday in June.
The words engraved on the coin reference her first ever televised Christmas address that was broadcast in 1957.
The Queen told the public in her address: 'In the old days the monarch led his soldiers on the battlefield and his leadership at all times was close and personal.
Earlier this year it was announced that the Queen will have her special-issue 95th birthday £5 coin inscribed with her pledge to reign with 'my heart and my devotion'
'Today things are very different. I cannot lead you into battle, I do not give you laws or administer justice, but I can do something else, I can give you my heart and my devotion to these old islands and to all the peoples of our brotherhood of nations.'
In addition to Her Majesty's birthday, the Royal Mint is also releasing coins to commemorate other British anniversaries.
The anniversary of the birth of Sir Walter Scott, recognised as one of the most influential Scots in history due to his contribution to literature, will also be commemorated with a £2 coin.