The voice coil's position relative to the rest of the speaker - highlighted in red.
Some call it "the heart of a speaker"; voice coils are, as the name implies, simply a coil of wire and is really just an electromagnet.
When a current is passed through the voice coil, it generates a magnetic field. This field reacts with the permanent magnet, causing the diaphragm to oscillate, compressing and rarefying air particles thousands of times per second, thus producing sound.
By controlling the amount of current, you can control the speed of the diagphragm's oscillations, making it move faster for higher frequency tones, or move slower for lower frequency tones. Usually, small speakers (tweeters) are not that good for producing low frequencies, so most speaker systems have a subwoofer whose diaphragm is larger to account for that.
Nestled in a tiny gap between the top plate and the pole piece, the voice coil is made to be light as possible to reduce inertia, making it easier to produce higher frequency tones.
Parts of the voice coil
Within the voice coil exists three separate components: the coil wire, where the current passes through, the collar, which can serve various purposes, such as fastening the lead-out wires (seen at the top of the picture), or providing a useful surface to attach the diaphragm, and the bobbin, which makes the structure of which the coil wire is wrapped around more rigid.
Although voice coils are rarely regarded as crucial components adding to the overall audio quality, the choice of materials when manufacturing the voice coil can drastically affect the power handling, and sound quality/quantity.