The temple of Saibaba in Western Maharashtra attracts a large number of people from India and also abroad.
The coins and other items were recovered during cleaning of the well in Lendi Baug area.
Shri Saibaba Sansthan Trust, which manages the affairs, had undertaken the task of removing sediments to make the well fit for drawing water and overcome the shortage.
It is believed that Saibaba himself used to fetch water from the well over 100 years ago.
During the cleaning operation, coins of Re 1, Rs 2 and 5 denominations, thrown by devotees in the well, were recovered by workers.
The value of the coins is around Rs 1.5 lakh, Sansthan sources said today.
The Sansthan is currently facing severe water shortage as the pond supplying water to the temple has dried up. Also, supply from Nashik's Darna dam is often irregular, leading to shortage of drinking water for the devotees.
Besides coins, small idols of Saibaba and coconuts, among other things, were also pulled out, the sources added.