What happened
On July 14, 2023, Reddit announced it was retiring its long-running Coins and Awards system, the collection of 50-plus virtual badges, medals, reactions and currencies that users had purchased to recognize each other's posts and comments. The company said users could no longer buy new Coins, and that existing Coins and the ability to give awards would remain functional only until September 12, 2023. Reddit cited feedback that the sprawling system created 'clutter' and that awarding content involved too many steps.
The move came just weeks after the bruising API blackout and was widely read as part of Reddit's broader effort to streamline its products and monetization ahead of a planned IPO. In place of the old system, Reddit pointed toward a simplified model built around Reddit Gold and a new Contributor Program that would let eligible users cash out Gold and karma for real money. The change drew criticism from longtime users who saw the awards as part of Reddit's culture, adding to a tense year for community relations.