Here's the info from the Institute of Heraldry:

 

Description

Obverse.  A silver metal disc 1-1/4 inches in diameter, consisting of a stylized representation of the Arctic Circle bearing at center the North Star and at top a stacked and arching dove-tailed scroll bearing the inscriptions “ARCTIC” on the upper portion and “SERVICE” on the lower portion.

Reverse.  On the reverse above the inscription “FOR SERVICE INVOLVING SIGNIFICANT OPERATIONS IN HIGH LATITUDE REGIONS ABOVE THE ARCTIC CIRCLE,” a stylized representation of three icebergs in the Arctic Sea all in front of a rayed night sky bearing a representation of the Big Dipper constellation.

Ribbon.   A ribbon 1-3/8 inches in width consisting of the following stripes from left to right: 5/16 inch Oriental Blue, 1/16 inch Ostende Blue, 1/16 Forget-me-not Blue, 1/8 inch White, 1/32 inch Forget-me-not Blue, 1/32 inch Ostende Blue, 1/32 inch Oriental Blue, 1/16 inch Navy Blue at center, 1/32 inch Oriental Blue, 1/32 inch Ostende Blue, 1/32 inch Forget-me-not Blue, 1/8 inch White, 1/16 inch Forget-me-not Blue, 1/16 inch Ostende Blue, 5/16 inch Oriental Blue. 

 

 

Symbolism

Medal.  Silver highlights the icy, cold conditions of polar regions.  The Arctic Circle indicates the area of military operations for personnel awarded the medal.  The North Star, Polaris, is historically used by military forces for precise orientation and navigation.  On the reverse the radiating lines behind the icebergs suggest the Northern Lights of the Navy arctic area of operation.  The Big Dipper honors the origins of naval navigation.  The dark blue of the ribbon is for the Navy and the remaining blues represent the waters of the Arctic Sea.  The ribbon’s white portions indicate snow and ice. 

Having not kept up with things my question is would this make any of the previously used medals obsolete or are they already?

Corrected title "Arctic"

Why did they need to replace the older one,, and when is this expected to be available to be issued ?  (  disregard, I found the answers )