Reddit is killing its Gold awards system, but an alternative is coming soon

Reddit is getting rid of its confusing awards and coins system, meaning users of the community platform can no longer spend real-world money to thank each other for their content. But the platform is promising that a “new direction for awarding” is under work, though we reckon we already have a fair clue on what that could be.

In an official announcement post, Reddit announced its decision to sunset the plethora of coins and awards that were present on the platform. These coins and awards were used in different ways by the community to recognize good contributions from other members.

However, what started off with Reddit Gold (which was simple and very well received), soon evolved into Reddit Silver, Platinum, Ternium, and Argentium. This was then complemented by awards that were specific to communities, often used as a meme too. If you wanted to award someone with one of these awards, you would need to use real-world money to buy Reddit Coins and then buy an award that you gift to someone.

If this wasn’t confusing already, there were also Community coins for moderators and Community Awards. None of the awards received have any real-world value besides being some pixels on your pseudo-anonymous internet profile.

So it comes as no surprise that Reddit is sunsetting this entire system. Users will no longer be able to purchase new coins, but all awards and existing coins will continue to be available until September 12, 2023. The 50+ virtual badges and currencies being axed include coins, Community coins for moderators, Medals, Reactions, Premium Awards, and Community Awards.

In its announcement post, Reddit mentions that a new rewards system is coming soon but falls short of sharing any usable details.

Rewarding content and contribution (as well as something golden) will still be a core part of Reddit. We’ll share more in the coming months as to what this new future looks like.

We do have an idea of what this could be. We’ve previously provided insight into the Reddit Contributor Program, which would allow the community to cash out their Reddit gold and karma. However, with Reddit Gold now being sunset, it is imminent that the program will change in some way to perhaps accommodate a different currency. Reddit’s confirmation of a new rewards system in the works is corroboration of our findings of the Contributor Program.