I don't believe that the codes themselves expire, although I think that Nintendo will change the value of certain code redemptions over time - something that was at one point worth 10 coins (random number) may be worth 5 coins at a later juncture in time.
It is also important to note that at some point your accumulated coins may simply vanish! I once had to order something right away because my entire account was going to be purged by a certain date.
Actually and unfortunately, yes. Newer codes are now coming with an expiry date. Also, your coins in Club Nintendo expire at the end of 2 Club Nintendo years from the date they were added. A Club Nintendo year ends around May/June.
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