From the Super Mario Wiki
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The Coinado is an item from Mario Party: Star Rush. Like the Fling Spring, this item can be placed on the board in a similar manner to orbs and hexes from previous Mario Party games. After being placed, the Coinado is invisible to all other players until a player lands on this space, which can include the player who placed it. Whoever lands on it is spun and loses five coins to the player who placed it.
"Steals 5 coins from the first rival to land on the space where it's hidden."