It is a jellyfish net made of gold.
It is a more advanced net with silicon netting, carbon fiber handle, titanium skeleton, and soft red grip handle.
Role in series
"The Pink Purloiner"
SpongeBob thinks Patrick stole Ol' Reliable. At the end of the episode, SpongeBob and Patrick find out that the former left it on the bus, and then SpongeBob gives it to Patrick, thinking he was going to move away. Patrick ends up staying, and they both jellyfish with their new nets.