The Victoria Cross was formally announced on the 29 January 1856. The idea of an award for extreme bravery, eligible to all ranks, had been doing the rounds for just over a year. It traversed two administrations in Parliament, that of Earl of Aberdeen and then Viscount Palmerston. The project was led by Secretaries for War – the Duke of Newcastle and then (from January 1855) Lord Panmure respectively.
The Queen and Prince Albert (in particular) became enthusiastically involved early on. Initially, it was referred to as a ‘cross of military merit’ before later being dubbed the Victoria Cross.
The Warrant, as published on 29 January 1856, was a lengthy document comprising fifteen clauses. These related to: the form of the medal; rules pertaining to how and why awarded (e.g. must be in the presence of the enemy); that it could not be awarded posthumously (no longer a provision, e.g. Col H Jones, Falklands); accompanying pension for life (£10 per annum); the award could be revoked for subsequent serious crimes, military or civilian (this still applies, although George V said as far as he was concerned a man may wear his VC on the gallows).
Designs were well advanced before the Warrant was announced. Very quickly afterwards, in February 1856, prototypes in both copper (immediately rejected) and bronze were produced and then signed off. You may see one of these at the National Army Museum in Chelsea.

Victoria Cross prototype at the National Army Museum.
The Secretary for War, Lord Panmure, awarded the job of VC production to a newly-established (1849) company of London jewellers: Hancocks and Co., who continue exclusively to supply the award to this day. The first medals were awarded at an elaborate ceremony in Hyde Park on 26 June 1857. The Queen herself, on horseback, pinned every medal to every recipient, 62 of them (out of 111), all veterans from Crimea.

Hancocks’ premises in St James’s Street.
The best place to see and enjoy original and noteworthy VCs (many museums display replicas for reasons of security) is the National Army Museum in Chelsea. In addition to the above-mentioned prototype, they have, for example, the full medal group of General Sir Adrian de Wiart, our most celebrated soldier of the 20th Century who saw action from the Boer War to WW2 during which time he was wounded 12 times, losing a hand and an eye in the process. He won his VC at the Battle of the Somme.

Sir Adrian de Wiart’s medal group.
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Sources and further reading.
Although published over 50 years ago in 1975, The Evolution of the Victoria Cross by M.J. Crook remains the best introduction and overall reference. Out of print but affordable copies are fairly easy to come by.
Bravest of the Brave (2005) by John Glanfield is also excellent.
Wikipedia.
The VC and GC Association.
Hancocks London
The Victoria Cross (by Iain Stewart) – a mine of great information.