You must first create a coupon bank, and upload coupon codes into it. At runtime when the emails are being sent, Maropost automatically inserts a unique coupon code into the body of the email. To learn about coupon banks, see Coupon Bank.
The following is a screenshot of the WYSIWYG content editor with Coupon tags highlighted:

You can use more than one coupon tag in the body of your email. Each tag represents a unique coupon code coming from its own Coupon Bank. You can use the coupon tag in the body of the email as well as in a query string parameter of any link in your email.
To insert a coupon tag into your email, just place the cursor in the email body where you want the coupon to appear. Then, select the 'Coupon Tag' drop-down list and click the name of the Coupon Bank whose tag you want to use.
The coupon codes are inserted into the email only when the email is being sent. Codes are not inserted if you are running a render report or sending a test campaign using the 'Send Test' button. This omission is intentional so that you don’t run through your coupon codes while testing the rendering of your emails.
If you want to verify that your coupon codes are being properly inserted into your emails, then simply target the campaign to a test list, and schedule it as a Priority Send campaign.