The sound was created by playing an octave or fourth interval upward at a fast tempo.
Higher-pitched sounds are generally perceived as positive, signaling a "win" or positive reinforcement, similar to receiving money.
The "Ding": The History and Psychology of the Video Game Coin Sound Effect
It was designed using a simple wave generator on the Nintendo, which only had five sound channels.
Sounds with a low attack (fast startup) and quick end-cutoff feel "snappy" and rewarding.