In the old days, the 50s until the 90s, the little kids in the area of Minesview Park started a trend to catch the tourists attention.
They made coin-catching devices made of cardboard, shaped into cone and attached to the bamboo poles. Those kids braved the slopes and with their amazing sense of balance, they catch coins being tossed by visitors.
Later on it became a sensation. Sometimes tourist would just come to witness this "entertainment". This went on from one generation to another until authorities deemed it unsafe and life threatening. The practice was stopped.
The "wishing well" stands as a tribute in honor of those children, who, in some way brought life to the place in the past. Some of them no longer lives. So as you throw your coin, remember those kids, whisper them your wish, so they'll wish with you too until it comes true.
Disclaimer: Story of the Coin Catchers in Minesview aren't mine.
Only copied and revised some portions for easy read.
You can read the story written on a wide board in the Park where the "wishing well" was erected.