coaster n.

late 14c., "to skirt, to go around the sides, to go along the border" of something (as a ship does the coastline), from Anglo-French costien, from the French source of coast (n.).

The meaning "sled downhill," first attested 1834 in American English, is a separate borrowing or a new development from the noun. In bicycle-riding, "descend a hill with the feet off the pedals," from 1879. Of motor vehicles, "to move without thrust from the engine," from 1896; figurative use, of persons, "not to exert oneself," by 1934. Related: Coasted; coasting.

"Coasting" consists in throwing the legs up over the handles and allowing the bicycle to rush of its own impetus down hill. It can only be done with safety where the road is perfectly smooth, hard, and free from obstructions; but, under such conditions, bicycle coasting affords one of the most glorious and exhilarating of sensations, and, next to ballooning, its motion most nearly resembles the flight of a bird. [Harper's Weekly, Dec. 20, 1879]

The reckless coasting down the long hills on the route was scarcely more defensible. Speeds of 25 to 30 miles an hour were reached in some instances. The common road is not the proper place for such exhibitions, especially in populous centres. The risk is altogether too great, both for occupants of the vehicle and for other frequenters of the highway. [account of an automobile race on the streets of New York in The Horseless Age, June 1896] 

also rollercoaster, and originally roller coaster, by 1884, from roller + coaster. As a verb by 1959.

Men not yet very old can remember when the street railway was a curiosity, patronized at first very much as the roller coaster is now, for the novelty of the thing. [editorial in St. Paul Pioneer-Press, Aug. 17, 1884]