Reddit Sunsets Coins and the Awards/Gold System
July 2023
In July 2023, weeks after the API blackout, Reddit abruptly killed its long-standing Coins and 50-plus Awards system with no replacement ready, drawing user anger over lost purchases and yet another unilateral product change.
What happened
On July 14, 2023, in the immediate aftermath of the API-pricing protests, Reddit announced it was sunsetting its virtual-currency and recognition system. Users could no longer purchase Coins as of that date, and existing Coins and Awards remained usable only until September 12, 2023. The shutdown swept away more than 50 award types — including Reddit Gold, Silver, Platinum, plus Community Coins, Medals, and Reactions.
Reddit justified the change as a simplification, saying users disliked the 'clutter from awards and all the steps that go into actually awarding content.' Critics noted the timing and execution: the company removed a popular, monetized feature with no replacement system ready and only a vague promise of a 'new direction for awarding.' Users questioned the fate of money already spent on Coins.
Coming on the heels of the API revolt, the abrupt sunset reinforced perceptions of Reddit making unilateral, monetization-driven product decisions against community sentiment in its pre-IPO period. (Reddit later reintroduced a streamlined Gold/contributor system.)
Impact
Eliminated a popular community-recognition feature and a revenue/engagement mechanic with no immediate replacement, deepening user distrust during Reddit's contentious 2023 run-up to its IPO.