It is loosely based on the life of Joey Coyle (Cusack), who, in 1981, discovered $1.2 million that had fallen out of an armored van in Philadelphia, Pennsylvania.

Executive producers Gordon Freedman and Matt Tolmach acquired the rights in 1990, and the project continued development at The Walt Disney Studios.

Upon returning home, Joey stashes a large portion of the money in his closet, and tries to keep it a secret from his mother, siblings Billy and Eleanor, and niece Katie.

South Philadelphia Police Detective Pat Laurenzi is assigned to investigate, and discovers that the van's faulty latch is to blame for the money falling out of the vehicle.

Joey meets with his former girlfriend, investment banker Monica Russo, and asks how he can make a large deposit without attracting the Internal Revenue Service.

Monica initially scoffs at the notion that he would have a large sum of cash laying around, but ultimately deduces that he found the money that was reported missing.

After being informed that his suitcase containing the cash is too big to carry onboard the plane, Joey purchases a pair of pantyhose from a gift shop and stuffs the money down his pants.

[1][3] On February 26, 1981 in Philadelphia, Pennsylvania, Joey Coyle, an unemployed longshoreman, had been travelling with his friends and co-workers John Behlau and Jed Pennock, when he discovered two canvas bags on the side of a road, roughly one block from Purolator Armored Services.

They had fallen from one of Purolator's armored vans, on the Swanson and Porter Streets in South Philadelphia after the driver hit a speed bump.

[7] Coyle refused, and days later he allegedly met with Mario Riccobene, a member of the Philadelphia crime family who was to instruct him on how to properly handle the money.

[4] Coyle was charged with theft, conspiracy, receiving stolen property and Unlawful Flight to Avoid Prosecution with a maximum sentence of seven years.

[10][12] During trial, Coyle's lawyer Harold Kane argued that his client's actions upon discovering the money were motivated by insanity and not greed.

[13] In April 1983, Coyle filed a lawsuit against Purolator, claiming that the company's negligence in not properly securing the money was the cause of his insanity.

Screenwriter Mark Kram and story editor David Loucka were scheduled to meet with Coyle, and tour South Philadelphia during pre-production.

[19] Coyle and his lawyer Harold Kane were approached by numerous film and television executives, but production plans languished in development hell.

[1][3] During pre-production, Menéndez, Musca and costume designer Zeca Seabra traveled to Philadelphia and interviewed various people related to Coyle.

[3][22] In conceiving wardrobe ideas for the film, Seabra met with Coyle, his friends and Pat Laurenzi, the police detective who investigated the stolen money.

[1][22] To prepare for the leading role, John Cusack travelled to Philadelphia in October 1992, and met with Bowden before befriending Coyle a month later.

[1] St. Kieran's Catholic School doubled for interior scenes set in the South Philadelphia Police Department, while PNC Financial Services served as Monica's investment office, with the company's employees appearing as extras.

[1][4] In response, Menéndez and producer Tom Musca traveled to Philadelphia to console Coyle's family and friends and discuss making an appropriate tribute for the film.

[3] Disney's initial release strategy involved a worldwide press tour, with Coyle and Cusack heavily promoting the film.

"[31] Glenn Kenny of Entertainment Weekly described Cusack's portrayal of Coyle as being "so utterly dense that Money for Nothing is literally painful to watch — even in the privacy of one's home — whenever he's on screen.

"[32] Eli Kooris of The Austin Chronicle, wrote, " ... while the stellar cast keeps the film from being a complete failure, the slow story and convoluted tone leave the viewer all but broke in the end.

"[33] One positive review came from the Sun-Sentinel's Candice Russell, who wrote, "Based on a true story, the drama is laced with hilarious highs of humor.

He plays a working-class Irish-American as if he were born and bred in South Philly and, most important, suggests that Joey is foolish and unlucky rather than simply stupid and greedy.