After Mr. Krabs sees a child throwing a coin down a well, much to his horror, he learns about wishing wells, and creates The Eugene Krabs Memorial Wishing Well in hope of making money from it. SpongeBob and Squidward are tasked with digging the well, and SpongeBob does all the work, singing a song about the well's magic while doing so. After the well's completion, SpongeBob obtains a "promotion" in which he has to stay in the bottom of the well all day and night to collect coins that fall in. After Sandy, Plankton and Mrs. Puff throw coins into the well and make their wishes, Patrick arrives and throws his soda cup into the well, thinking it to be a trash can. SpongeBob tries to explain to him that it is a wishing well, and Patrick mistakes the voice as coming from the "trash can". He wishes that SpongeBob was here to see the magic trash can with him, and when he tries to throw his coin into the well, he falls inside and meets SpongeBob at the bottom. That night, Mr. Krabs arrives to collect the money, and SpongeBob asks him if any of the wishes have come true yet. Mr. Krabs falsely says that if they "believe hard enough" and "dig deep enough", the wishes will come true. The two buddies take this literally, and begin to dig the well deeper. Eventually, SpongeBob finds a glowing crack on the ground and claims that he has "found the magic." Squidward later comes to the well to tell them how good it feels that they aren't able to bother him. SpongeBob tells him that they found the magic, and Squidward, laughing at them, explains that there is no magic and that wishing wells are nothing more than a scam. SpongeBob wishes that he could see the magic for himself, and Squidward falls into the well, and SpongeBob and Patrick's antics continue to torment him as he desperately tries to escape. The next day, Mr. Krabs arrives to check on the well as Squidward finally climbs out, with SpongeBob and Patrick following. Squidward wishes to get as far away from the well as possible, and is subsequently hit by and stuck to the front of a bus going to "far away". Mr. Krabs asks SpongeBob how much money they made, and SpongeBob explains that they made no money, but found the magic. Mr. Krabs then tries to explain to him that there is no such thing as magic, but then sees that the wishes of Sandy, Mrs. Puff and Plankton have all come true. The skeptical Mr. Krabs still doesn't believe in magic, and tries to prove that magic doesn't exist by wishing to be "steamed and served with a side of melted butter". His wish is granted, and a live-action human with a bib reading "THE END" prepares to eat Mr. Krabs in his meal.
The original airing had All That Glitters at the beginning and it ended with SpongeBob at the therapist's office before it led to him saying "You can't rush perfection." This was removed from reruns to prevent duplication.
Squidward: To be far away from here. (gets hit by a bus to "Very Very, Far, Away").
SpongeBob: Squidward join with him and Patrick to see the "magic" of the well. (Squidward leans over laughing at SpongeBob and Patrick too far and falls into the well).
Patrick: To be with SpongeBob. (He then falls into the well).
Sandy: To have a telescope that works underwater. (Gains out of nowhere during the night via the magic crack dug by Patrick and SpongeBob).
Plankton: To be big enough to crush his enemies. (Grew higher than a skyscraper overnight via the magic crack).
Mrs. Puff: To have a snazzy boat and be a "hot rod mama". (Gains during night via the magic crack).
Mr. Krabs: To be steamed and served with a side of melted butter. (Tried to prove to SpongeBob that there's no such thing as magic. Unfortunately, he was teleported to a dinner plate, where he was about to be devoured by a live-action human.)
In one airing, the episode began as "All that Glitters". After the line "You can't rush perfection", it changes to "Wishing You Well". The rest of the episode goes normally.
Running Gag: Patrick going Ho Ho Ho!
Mr. Krabs and Patrick have never heard of a wishing well.
The Greek version for this episode is called "Πηγάδι ευχών" which means "Well wishes", and in the Netherlands it is called "Doe een wens!", which means "Make a wish!". In the Brazil, it's just called "O Poço dos Desejos", which means "The Wishing Well".
This episode is the second time we see Mr. Krabs in live-action form. The first was in Pressure.
SpongeBob and Patrick think claustrophobia is a fear of Santa Claus. It actually means a fear of small places.
The title card is nickels and quarters. Common to find at the bottom of wishing wells are pennies.
Squidward states that he is claustrophobic. However, he had no difficulty inside a box in Idiot Box or a very small treehouse in Club SpongeBob. Although, he may have developed claustrophobia after these episodes which means this episode would take place after those episodes.
Another possibility is that Squidward may have just wanted some personal space, since Patrick was crowding him.
Patrick's drink, which he threw away in the well, disappears after he falls in.
When Patrick is sitting on Squidward, Squidward's shirt is gone.
When Mr. Krabs collects the money and SpongeBob loads the bucket, he loads only two coins when there were four to collect. Also, SpongeBob claims he got two pennies from Mrs. Puff, while she threw only one coin down the well. SpongeBob also did not put the "slightly used pair of dentures" that Patrick was wearing into the bucket.
Patrick's "ribs" disappear in the scene after. He also says Squidward is stepping in his potato salad, but no potato salad is shown.
When Patrick throws the coin, the well is big enough for him to fall in. But when he reaches the bottom, it is big enough for SpongeBob, Patrick, and Squidward.
Squidward points out that all he could smell is the dumpster. After a couple scenes, the dumpster is gone.
When SpongeBob says that he believes in magic, his legs disappear.
SpongeBob puts in a sign that says "Open" beside the well. But two scenes later, it disappears.