EDIT: The original question had a trivial answer: it's just a coproduct. New question below New Question: As shown below, in the category of commutative unital rings, the coproduct of a ring $R$ with $\mathbb Z\left[x\right]$ (which represents the forgetful functor to sets) is the polynomial ring $R\left[x\right]$. In what other concrete categories does the coproduct of an object $A$ with the object $Z$ ($Z$ is the object that represents the forgetful functor) give a useful construction.
Reformulating the question: When does the free object on the point in the co-slice category of maps $A\to B$ give a useful construction? (from giuseppe's comment below this question)
Given a ring (commutative, unital) $R$, the polynomial ring $R\left[x\right]$ is the initial pointed $R$-algebra, in the sense that given any other $R$-algebra $R\to A$ and a point $a\in A$ we have a unique $R$-algebra homomorphism $p\colon R\left[x\right]\to A$ such that $p\left(x\right)=a$.
Since the forgetful functor $\mathrm{CRing}\to\mathrm{Sets}$ is $\mathrm{Hom_{CRing}}\left(\mathbb Z\left[x\right],-\right)$ we can equivalenty think of $R\left[x\right]$ to be initial ring that is both an $R$-algebra and a $\mathbb Z\left[x\right]$-algebra. In diagrammatic form, we could say $\require{AMScd}$ \begin{CD} R @>\iota>>R\left[x\right] @<x\mapsto x<<\mathbb Z\left[x\right]\\ @V \mathrm{id}_RVV @VV\exists! V @VV\mathrm{id}_{\mathbb Z\left[x\right]}V\\ R @>>\phi> A@<<a<\mathbb Z\left[x\right] \end{CD}
I was thinking of this definition in any concrete category. So if I have a category $\mathcal C$ with a faithful functor $U\colon\mathcal C\to\mathrm{Sets}$ which is representable, that is $U\simeq\mathrm{Hom}_\mathcal C\left(Z,-\right)$ for some object $Z$ in $\mathcal C$. Then for any object $A$, we define the polynomial object $P$ over $A$ to be universal in the same sense as above, i.e.,
\begin{CD} A @>\iota>>P_A @<f<<Z\\ @V \mathrm{id}_AVV @VV\exists! V @VV\mathrm{id}_ZV\\ A @>>\phi> Q@<<g<Z \end{CD} EDIT: This is obviously a coproduct. Ignore the questions below. I was wondering what this would correspond to in other concrete categories with representable forgetful functors. I also wanted to know some example of this construction in other categories. Are these 'polynomial objects' things that already have names in other specific categories?