3 LED lights on the head is not good.
The interface board has these spring-like contacts that touch against the MEI gold tabs.
You can clean the gold tabs on the MEI head by rubbing a white eraser on the gold tabs.
Note that when you pushed down, it came to life....so only clean the bottom gold tabs on the Mei.
This above, however, may do nothing.
This is why...>>>
The interface card that the MEI tabs are pushed onto, is a different story ...they are basically clinically dead.
They have
little to zero spring life in them anymore.
Can you imagine being squashed on for like... the last 20 years?
I'd be kind of flattened out too!

Best bet is to try to get a somewhat newer interface card.
Or maybe spray some contact cleaner onto the springy tabs, which may or may not, help promote better electrical contact.
Here's something else I try to do sometimes.
Pull out the cashbox, take out the MEI head.
Now you can pull out the interface card from the bill acceptor housing.
I like pulling with a hand underneath and a hand on top of the interface card.
Then with a Philips screwdriver, remove the two screws that secure the black plastic thumb holder from the circuit board.
You will see all the oval-shaped contact springs.
You can try to gently bend the ones a little outward that are more flattened than the others.
When you put it back together, hopefully, the ones you've re-bent push a little harder and get better electrical contact against the MEI head's gold tabs.