I've heard of this movie for years, and finally saw it this morning on Turner Classic Movies. It's an awesome cult sci-fi comedy directed by William Castle, based on a 1947 book by Walter Karig, and stars Tom Poston as an absent-minded college professor, who comes in possession of a magic coin that, when held, enables him to cause pain just by pointing at someone, and can do even greater magic by both pointing and/or saying the magic word, "Zotz!" He can not only cause pain, but also kill, and even slow down his victims. When he tries to tell his university higher-ups about this phenomenon, they dismiss him as crazy, and even the US government does too, until he is targeted by Soviet spies for the ring, and hijinks ensue! Awesome special effects, and even a joke Columbia logo at the beginning (with director Castle) and end!
When this movie was originally released, theaters gave out replica Zotz! coins to ticket buyers.
The movie was released on VHS in the 80s, so I hope it gets a DVD release someday! It's an awesome cult classic!